Azerbaijan State Oil Fund to invest in Russia

Azerbaijan State Oil Fund to invest in Russia

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.

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