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Azerbaijan's SOFAZ discloses 1Q2021 revenue, spending

Oil&Gas Materials 3 May 2021 15:53 (UTC +04:00)
Azerbaijan's SOFAZ discloses 1Q2021 revenue, spending

BAKU, Azerbaijan, May 3

By Fidan Babayeva - Trend:

Revenues of the State Oil Fund of Azerbaijan (SOFAZ) in the first quarter of 2021 made up over 3.1 billion manat ($1.8 billion), Trend reports on May 3 referring to a source in SOFAZ.

According to the source, in the reporting period the fund’s spending amounted to slightly over 2.5 billion manat ($1.47 billion).

“From January through March 2021, SOFAZ revenues worth 2.4 billion manat ($1.41 billion) were received from the implementation of oil and gas agreements, including 6.6 billion manat ($3.9 billion) of profit from the sale of oil and gas, 765.9 million manat ($450.7 million) as bonus payments, and 5.6 million manat ($3.3 million) as transit payments,” added the source.

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.

(1 USD = 1.7 AZN on May 3)

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Follow the author on Twitter: @Fidan_Babaeva

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