April 18, 2018 / 1:04 PM / a year ago

Azerbaijan's SOFAZ says assets at $37.63 bln in Q1

BAKU, April 18 (Reuters) - Azerbaijan’s state oil fund SOFAZ said on Wednesday its assets stood at $37.63 billion at the end of the first quarter, up from $33.2 billion a year ago and $35.81 billion in the beginning of this year.

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 revenues, asset management activity and exchange rate effect of investment portfolio currencies,” SOFAZ said in a statement.

The fund’s revenues reached $4.42 billion manats by March 31, while its expenditures stood at $2.34 billion manats.

Revenue of $4.30 billion manats was received from oil and gas agreements, including $3.53 billion manats from the sale of oil and gas, $765 million manats as bonus payments and $5.1 million manats as transit fees. (Reporting by Nailia Bagirova; Writing by Margarita Antidze; editing by Louise Heavens)

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