OREANDA-NEWS. January 21, 2013. The State Oil Fund of Azerbaijan (SOFAZ) has summarized the results of its activities for the past year.

The Fund reports that last year its assets grew by 14.5% and reached USD 34.129 bn by 1 January 2013 versus USD 29.8 bn a year earlier.

Purchase of physical gold launched in the 1st quarter of 2012 led to the fact that by January 2013 SOFAZ owned 14.934 tons of gold (480,146 ounces).

Last year SOFAZ received AZN 13.67 bn of revenue and carried out expenditures for AZN 10.57 bn, i.e. the budget of 2012 was closed with a surplus of AZN 3.1 bn.

Basis of revenues included income from oil and gas contracts (AZN 13.1 bn, including AZN 13.117 bn from sale of profit oil and gas). Transit fee brought for the Fund AZN 7.9 million, bonuses of AZN 1.6 million, acre payments of AZN 3 million, sale of assets transferred by foreign companies for AZN 200,000.

"From placement of its assets SOFAZ received AZN 543.6 million of income," it was reported.

He Fund earned AZN 253.8 bn of out-budget revenues from foreign exchange difference.

The basis of SOFAZ expenditures in 2012 included transfer to the state budget (AZN 9.905 bn). The Fund spent AZN 300 million on improvement of social conditions of refugees and IDPs, AZN 200 million on Samur-Absheron irrigation system, AZN 119 million for construction of Baku-Tbilisi-Kars, AZN 20 million for training of young Azerbaijanis abroad. The SOFAZ administrative expenses totaled AZN 29.6 million.