Azerbaijani Accounts Chamber announces forecast on incomes of SOFAZ in 2021
BAKU, Azerbaijan, Jan. 6
By Fidan Babayeva – Trend:
The revenues and expenses of the State Oil Fund of Azerbaijan (SOFAZ) are envisioned to make up 8 billion manat ($4.7 billion) and 12.25 billion manat ($7.2 billion), respectively, the country’s Accounts Chamber stated in its opinion for the fund’s 2021 draft budget, Trend reports.
According to the draft budget the projected deficit in the SOFAZ’s budget for 2021 will amount to over 4.2 billion manat ($2.5 billion).
As earlier reported, SOFAZ has gained $3.336 billion from January 1 through December 1, 2020, as part of the project to develop the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea.
SOFAZ was established in 1999 with assets of $271 million.
Based on 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.
(1 USD = 1.7 AZN on Jan. 6)
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