BAKU, Azerbaijan, Dec. 6
By Khagan Isayev - Trend:
The revenues of the State Oil Fund of Azerbaijan (SOFAZ) as a result of the oil and gas transportation through Azerbaijan’s territory are projected at 23.3 million manat ($13.7 million) in 2022, which is by 1.4 million manat ($823,529) or 6.2 percent more compared to the projected figure in 2021, Trend reports on Dec. 6 referring to the conclusion of the Azerbaijani Chamber of Accounts on the draft budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for 2022.
This forecast exceeds the corresponding figure of 2020 by 2.9 million manat ($1.7 million) or 14.4 percent.
According to the draft budget, an increase in transit revenues in 2022 is stipulated by an increase in pipeline tariffs for next year, given the inflation rate.
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)