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.

910 views


More Azerbaijan News

US trade mission to visit Azerbaijan in September

US trade mission to visit Azerbaijan in September

The US trade mission will visit Azerbaijan on September 15-16, 2016, the US-Azerbaijan Chamber of Commerce said. …

Silk Way Airlines to open flights to Chicago and Dhaka

Silk Way Airlines to open flights to Chicago and Dhaka

Azerbaijan’s national air cargo carrier Silk Way Airlines received another new Boeing 747-8F aircraft. This is the 8th Boeing and 4th Boeing 747-8F aircraft, which will be operated by the airline.  "Delivery of …

Azerbaijan and Georgia to speed up construction of Baku-Tbilisi-Kars railway

Azerbaijan and Georgia to speed up construction of Baku-Tbilisi-Kars railway

Azerbaijan`s Foreign Minister Elmar Mammadyarov has met his Georgian counterpart Mikheil Janelidze as part of his official visit to Tbilisi, AZERTAC reported. The ministers exchanged views to …

SOCAR reveals date of first gas production at #039Absheron#039

SOCAR reveals date of first gas production at 'Absheron'

It is planned to produce first gas from the Absheron gas condensate field in 2019, First Vice-President of the Azerbaijani state oil company SOCAR Khoshbakht Yusifzade said, Trend reports. He made the remarks at the …

Azerbaijan awaits Turkmenistan#039s decision on Kapaz field

Azerbaijan awaits Turkmenistan's decision on Kapaz field

Azerbaijan’s SOCAR expects positive outcome of the negotiations on the transit of Turkmen gas through the territory of Azerbaijan, Khoshbakht Yusifzade, SOCAR first vice president, said, Trend reports. He made the …

Azerbaijan allocates 900K manats for road construction in Lankaran

Azerbaijan allocates 900K manats for road construction in Lankaran

Azerbaijani President Ilham Aliyev has signed an order on measures on construction of Liman-Narimanabad-Baligchilar motor road in Lankaran region, News.az reports. Under the order, AZN 900,000 was allocated from the …

Prime Minister of Georgia to pay official visit to Baku

Prime Minister of Georgia to pay official visit to Baku

In the coming days, Prime Minister of Georgia will pay an official visit to Baku,” was noted during the meeting between Georgian Prime Minister Giorgi Kvirikashvili and Minister of Foreign Affairs of …

Children with disabilities to study in regular schools of Azerbaijan for the first time

Children with disabilities to study in regular schools of Azerbaijan for the first time

In 2016-2017, 16 children with disabilities will study in regular schools of Azerbaijan for the first time. Baku schools №138, №220, №202 and №252 were chosen for the project "the use of inclusive education in primary …

Karen Shakhnazarov: Azerbaijanis and Armenians lived in peace together for centuries

Karen Shakhnazarov: "Azerbaijanis and Armenians lived in peace together for centuries"

Film director on the Caucasus in general and Karabakh in particular

Gevorg Mirzayan: Society is not ready for Karabakh conflict settlement

Gevorg Mirzayan: "Society is not ready for Karabakh conflict settlement"

Researcher at the Institute of USA and Canada on the prospects of a Karabakh conflict settlement

more Azerbaijan News