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Azerbaijani State Oil Fund's forecast for oil, gas sales in 2020 revealed

Oil&Gas Materials 3 July 2020 10:12 (UTC +04:00)
Azerbaijani State Oil Fund's forecast for oil, gas sales in 2020 revealed

BAKU, Azerbaijan, July 3

By Nargiz Ismayilova – Trend:

The budget revenues of the State Oil Fund of Azerbaijan (SOFAZ) from oil and gas shipment through the country are forecasted to be 19.3 million manat ($11.4 million) for 2020, which is 340,000 manat ($200,000) or 1.8 percent more compared to the forecast for 2019, Trend reports with reference to the Chamber of Accounts on SOFAZ’s budget execution for 2019.

The report said that the forecast of revenues from oil and gas shipment through Azerbaijan for 2020 is 1.2 million manat (over $0.7 million) or 7.1 percent more compared to the forecast for 2018.

The boost in income from transit fees in 2020 is the result of an increase in tariffs for pipelines for the next year, taking into account the inflation factor, the report noted.

The State Oil Fund of Azerbaijan was established in 1999. According to the regulation on the SOFAZ, its funds can be used for the construction and reconstruction of strategically important infrastructure facilities, as well as for solving important national problems.

The main objectives of SOFAZ are the following: the accumulation of funds and the placement of the Fund’s assets abroad in order to mitigate the negative impact on the economy, the accumulation of funds for future generations and the support to the current socio-economic processes in the country.

(1 USD = 1.7 manat on July 3)

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