Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-March, 2014 reached 3 005.0 million manats, while budget expenditures constituted 2 443.3million manats.

Revenue of3 006.8 mln. manats was received from the implementation of oil and gas agreements, including2 991.2 mln. manats from the sale of profit oil and gas,2.3 mln. manats as transit payments, 13.3 mln. manats as bonus payments.

As per January-March 2014 budget of the Fund, 2 342.6 mln. manats were transferred to the state budget. The expenditures in the amount of 70.1 mln. manats were directed to financing the improvement of social-economic condition of refugees and internally displaced persons, 5.6 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system. 5.1 mln. manats were directed to financing Baku-Tbilisi-Kars railway construction and 3.0 mln. manats were directed to financing "The state program on the education of Azerbaijan youth abroad in the years 2007-2015". The Fund's administrative and operational expenses for the reporting period were 16.9 mln. manats.

During the first quarter of the year, the value of SOFAZ’s equity portfolio decreased due to events which took place in Ukraine. Despite the income from different investments the losses from managing assets of the Fund for January-March 2014 amounted to1.8 mln. manats. In the following months as a result of stabilization and growth in the prices of equities of Russian companies, revenues from managing assets of the Fund for the period January - May 15, 2014 totaled to 87.8 million manats.

The Fund's extra-budgetary revenues related to the revaluation of foreign exchange totalled 10.1 million manats. SOFAZ’s extra-budgetary revenues related to price changes of gold amounted to 60.8 million manats while extra-budgetary expenses related to price changes of USD, EURO, GBP and other currencies totalled 50.7 million manats.

The assets of SOFAZ as of April 1, 2014 has grown by2.07% compared to the beginning of 2014 (USD 35 877.5 mln.) and stood at USD36 618.4 mln.