SOFAZ expects revenue of $ 5.8 billion

According to forecasts of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for 2016, general revenues of the Fund are expected to reach $ 5.8 billion. It is 2.07 times higher than the budget forecast figures for the previous year, the statement says.

Such a large difference is explained by the fact that the budget of the Oil Fund for 2016 was drafted at the rate of $ 25 per barrel. However, over the past year the weighted average price of a barrel of Azeri oil sold was 41.7 dollars. As a result, the Fund’s general revenues are expected at about $ 5.8 billion.

Depending on the currency exchange rate differences included in the investment portfolio, the Fund’s dollar-dominated assets may increase or decrease.

Note that the SOFAZ’s revenues peaked in 2011 – $ 19.99 billion. In 2014, the Fund’s revenues decreased to $ 16.23 billion. In 2015, the figure was $ 7.67 billion.

As of October 1, 2016, SOFAZ assets amounted to $ 35 822.1 million. Of this amount, $ 1 872.5 million were in the Azerbaijani manat.

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