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.

990 views


More Azerbaijan News

Ilham Aliyev harshly criticized the West

Ilham Aliyev harshly criticized the West

The resolution adopted the previous year by the European Parliament in respect of Azerbaijan, has created a serious setback in relations

Azerbaijan pays pensions ahead

Azerbaijan pays pensions ahead

Today it became known that in Azerbaijan the financing of pensions for September completed ahead of the schedule, this was told by the Head of the Department of Public Relations of the Ministry of Labor and Social Protection of Azerbaijan, …

 Earthquake hits Caspian Sea

Earthquake hits Caspian Sea

An earthquake was registered 48km north-east  from the Lenkoran district at 05:06am, the Azerbaijani National Academy of Sciences' Republican Seismological Service said. The epicenter of the earthquake was located at a …

Yerevan tries to deceive UN on Karabakh issue

Yerevan tries to deceive UN on Karabakh issue

Armenian Foreign Minister Edward Nalbaldyan, speaking at the 71st session of the UN General Assembly in New York, once again tried to delude the international community about the events in the Nagorno-Karabakh occupied by …

 Austrian Airlines intends to resume flights to Baku

Austrian Airlines intends to resume flights to Baku

Austrian Airlines intends to resume flights to Baku,  Austria's Minister of Foreign Affairs and Integration, Sebastian Kurz, said at …

Elchin Amirbekov: Heydar Aliyev Foundation committed to preservation of world cultural heritage

Elchin Amirbekov: "Heydar Aliyev Foundation committed to preservation of world cultural heritage"

Azerbaijani Ambassador to Paris about the promotion of Azerbaijani culture in France

AZCAN to present its new line of armored vehicles on 27 September in Baku

AZCAN to present its new line of armored vehicles on 27 September in Baku

AZCAN Defense Solutions, a joint Azerbaijani-Canadian Manufacturer specializing in production of armored vehicles for private, commercial and military purposes will launch its new line of armored vehicles on 27 September in Baku, abc.az …

 Karabakh settlement to be priority of Austria’s OSCE presidency

Karabakh settlement to be priority of Austria’s OSCE presidency

The settlement of the Nagorno-Karabakh conflict will be among the priorities of Austria’s chairmanship at the OSCE in 2017, Austria’s Foreign Minister Sebastian Kurz said at the 71st session of the UN General Assembly in New York. …

Mehriban Aliyeva becomes honorary citizen of Veliko Tarnovo and awarded honorary doctor diplomas

Mehriban Aliyeva becomes honorary citizen of Veliko Tarnovo and awarded honorary doctor diplomas

Azerbaijan’s first lady, President of the Heydar Aliyev Foundation, Mehriban Aliyeva, has received diplomas of a honorary citizen of the Bulgarian city of Veliko Tarnovo and a honorary doctor of St. Cyril and St. Methodius …

 Mehriban Aliyeva and Leyla Aliyeva unveil Architectural and Museum Reserve in Bulgaria

Mehriban Aliyeva and Leyla Aliyeva unveil Architectural and Museum Reserve in Bulgaria

Yesterday Veliko Tarnovo (Bulgaria) hosted the opening ceremony of the Trapezitsa Architectural and Museum Reserve, which restoration was made possible thanks to the support of the Heydar Aliyev Foundation. The opening was attended by the First …

more Azerbaijan News