BAKU, Azerbaijan, July 2
By Nargiz Ismayilova - Trend:
The revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the sale of oil from the Azeri-Chirag-Deepwater Gunashli (ACG) field in the Azerbaijani sector of the Caspian totaled over $7.9 billion in 2019, which is 16.66 percent more compared to the predicted level ($6.7 billion), Trend reports citing the Chamber of Accounts on SOFAZ’s budget execution for 2019.
According to the Chamber of Accounts, the volume of oil production at ACG field for 2019 amounted to 195.1 million barrels, which is 1 percent less compared to the Fund’s forecast (197.1 million barrels).
Meanwhile, net income of Azerbaijan from the sale of hydrocarbons exceeded 14.6 billion manat ($8.5 billion), which is 1.3 billion manat (over $0.7 billion) or 10.6 percent more than the approved budget of the SOFAZ for 2019.
The country’s net income from the sale of hydrocarbons for 2019 is 2 billion manat ($1.1 billion) or 12.2 percent lower compared to 2019.
(1 USD = 1.7 manat on July 2)
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