Azerbaijan State Oil Fund to invest in Russia

23 July 2012 - 6:38pm

The revenues of the SOFAR in the first half of 2012 amounted to 7.3919 billion manats, with expenditure at 4.8781 billion manats, the executive director of the Fund, Shakhmar Movsumov, said at a press conference devoted to the results of work in the first half of the year. According to him, the majority of the income to the Fund, 95.9%, are revenues from oil and gas exports. Revenues from oil contracts are at the level of 7.0998 billion manats and from transit payments – 3.8 billion manats.

SOFAR spent 162.5 billion manats on arrangements directed at improvement of social conditions of refugees and forced settlers. 67 million manats were spent on the project of reconstruction of the Samur-Absheron Melioration System.

Transfers to the state budget amounted to 4.5923 billion manats. 5 million manats were spent on education of Azerbaijani students abroad within the state program for 2007-2015. Moreover, 37 million manats were allocated for the project of construction of the new Baku-Tbilisi-Kars railroad.

14.3 million manats were spent on the Fund’s management.

SOFAR's active assets had increased 9.6% by July 1, 2012, in comparison with the beginning of the year and amounted to $32.666 billion.

SOFAR is considering real estate facilities in countries of Europe and South-East Asia for investment, Movsumov said. “For instance, the Fund is considering real estate facilities in London, Paris, Rome, Moscow and Istanbul, as well as in Singapore, Malaysia and Indonesia,” the head of the Fund said.

SOFAR plans to invest in capital stock in September 2012.

Read also

Sep 30 2014 - 13:29
Azercosmos, operating the Azerbaijani national satellite Azerspace-1, has signed a deal with Turkey’s Mediathink to start broadcasting CanAzərbaycan TV on October 1, reports.Mediathink Director Namik Kemal Yildirim said that Azerbaijani music, culture and art would be broadcast all over the world on CanAzərbaycan.
Sep 29 2014 - 18:50
Sep 29 2014 - 09:40
Turkish President Recep Tayyip Erdogan said that Turkey and Azerbaijan created an energy corridor connecting the East and the West in the form of the Baku-Tbilisi-Kars Railway and the Baku-Tbilisi-Ceyhan Pipeline. In his words, realization of the TANAP project was essential for world energy security. The project consists of constructing a pipeline to transport Azerbaijani gas from Shah Deniz to Europe through Turkey.
Sep 28 2014 - 09:19
Moscow Mayor Sergey Sobyanin paid a visit to Azerbaijan this week. During his working visit the mayor discussed mutual cooperation, including Azerbaijani food deliveries to the market of the Russian capital, with Azerbaijani President Ilham Aliyev.
Sep 27 2014 - 11:04
Iraq has called on Azerbaijan to take part in the reconstruction of its infrastructure, devastated as a result of the events that took part in the country in recent years,