BAKU, Azerbaijan, Dec. 6
By Khagan Isayev - Trend:
The budget revenues of the State Oil Fund of Azerbaijan (SOFAZ) for 2022 are projected at over 10.6 billion manat (over $6.2 billion), budget expenditures – over 12.8 billion manat (over $7.5 billion), Trend reports on Dec. 6 referring to SOFAZ's draft budget for next year.
According to SOFAZ's draft budget, over 8.6 billion manat (over $5.05 billion) will be received as a result of the sale of hydrocarbons.
At the same time, payments for the use of the contract area in connection with the development of hydrocarbon resources will exceed 5.3 million manat ($3.1 million).
According to SOFAZ's draft budget, transit costs will reach 23.3 million manat ($13.7 million) in 2022. Revenues from managing SOFAZ’s funds will exceed 1.2 billion manat ($705 million).
SOFAZ was established in 1999 with assets of $271 million.
Proceeding from SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include the accumulation of resources and placement of assets abroad to minimize the negative effect on the economy, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.
(1 USD = 1.7 AZN on Dec. 6)