October 16, 2018 / 12:54 PM / a month ago

Azeri oil fund SOFAZ assets rise 9 pct to $39 bln by Oct 1 year on year

BAKU, Oct 16 (Reuters) - Azerbaijan’s state oil fund SOFAZ said on Tuesday its assets rose by 8.9 percent year-on-year to $38.99 billion as of Oct 1.

The fund had assets worth $35.81 billion a year earlier and $35.81 billion at the start of 2018. The fund’s assets stood at $38.04 billion at the end of the first half of 2018.

The fund holds the ex-Soviet country’s proceeds from oil contracts, oil and gas sales, transit fees and other revenue.

“The increase was mainly due to SOFAZ budget revenue and asset management activity,” it said in a statement.

The fund’s revenue reached 14.437 billion manats ($8.492 billion) by Oct. 1, while spending stood at 8.006 billion manats.

Revenue of 13.442 billion manats was received from energy agreements, including 12.658 billion manats from the sale of oil and gas, 765.2 million manats from bonus payments, 14.2 million manats from transit fees and 4.1 million manats from acreage fees.

The fund transferred 7.788 billion manats to the state budget.

The fund’s extra-budgetary expenditures related to the revaluation of foreign exchange totalled 968.7 million manats.

$1=1.7 manats Reporting by Margarita Antidze Editing by Edmund Blair

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