Azerbaijan, Baku, Dec. 29 / Trend E. Ismayilov /
Azerbaijan's annual income from selling oil and gas varies from between $15-$20 billion each year, Azerbaijani Minister of Industry and Energy Natig Aliyev said in an interview with Turkish TV channel TRT on Thursday.
"The volume of revenues from selling hydrocarbons varies depending on the oil price," he said. "The main part of earnings falls to oil."
The head of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov told TV channel TRT on Thursday that the fund has received more than $60 billion since its establishment. The most part was accumulated and managed by the fund.
"At present, there is $32 billion in SOFAZ," Mr Movsumov said.
Some of SOFAZ's funds are transferred annually to the state budget in the form of transfers, he said. In particular, SOFAZ's transfers amounted to about nine billion manat this year. The figure is expected to reach 10 billion manat, or about $12 billion next year.
The State Oil Fund was established in 1999. The main objectives are the accumulation of funds and placing fund allocation abroad in order to minimise the negative impact on the economy, preventing Dutch disease, ensuring there are funds for future generations and to maintain the current socio-economic processes in the country.
The official exchange rate is 0,7864 AZN/USD.