Reserves of State Oil Fund of Azerbaijan increase

Oil&Gas Materials 10 March 2021 12:12 (UTC +04:00)
Reserves of State Oil Fund of Azerbaijan increase

BAKU, Azerbaijan, Mar.10

By Fidan Babayeva – Trend:

The value of reserves in the State Oil Fund of Azerbaijan (SOFAZ) at the end of 2020 exceeded $43.5 billion, which is $241 million (0.6 percent) more than at the beginning of the year, Trend reports referring to the report of the Cabinet of Ministers for the past year.

According to the report, at the same time, in the national currency manat terms, the value of reserves in SOFAZ in 2020 grew by 409.7 million manat ($241 million) and amounted to over 73.4 billion manat ($43.18 billion).

Meanwhile, budget revenues of the fund made up 9.36 billion manat ($5.51 billion), while budget expenditures constituted 12.4 billion manat ($7.3 billion).

Revenues worth nearly 7.4 billion manat ($4.3 billion) were received from the implementation of oil and gas agreements, including about 6.6 billion manat ($3.9 billion) from the sale of profit oil and gas, 767.8 million manat ($451.6 million) as bonus payments, 20.4 million manat ($12 million) as transit payments and 6.7 million manat ($3.9 million) as acreage fee.

SOFAZ transferred 12.2 billion manat ($7.18 billion) to the government budget in 2020.

Since January 1, 2021, the value of SOFAZ’s assets surpassed $43.5 billion, increasing by 0.56 percent compared to the early 2020 ($43.3 billion). Although the fund’s budget spending exceeded its revenues to support fiscal balance of the country, assets of the fund grew through revenues from managing SOFAZ’s assets and extra-budgetary revenues.

In January this year, the total amount of extra-budgetary revenues and revenues from managing SOFAZ’s assets equaled to $3.2 billion.

(1 USD = 1.7 AZN on Mar.10)


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