BAKU, Azerbaijan, Mar.3
By Fidan Babayeva - Trend:
Incomes of the State Oil Fund of Azerbaijan (SOFAZ) from the sale of gas and condensate produced at Shah Deniz field from January through February 2021 amounted to over $3.5 million, Trend reports on March 3 referring to SOFAZ.
In total, from 2007 through January 1, 2021, revenues of the fund from the sale of gas from the Shah Deniz field exceeded $3 billion.
The revenues from the sale of condensate produced at the Shah Deniz field from January through March this year made up more than $3.5 million.
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.
The main goals of the State Oil Fund include the accumulation of resources and placement of assets abroad in order 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.
In 2020, the fund's incomes from the sale of gas and condensate produced at Shah Deniz field equaled $293.9 million.
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