BAKU, Azerbaijan, June 2
By Fidan Babayeva - Trend:
Revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the sale of gas and condensate produced at the Shah Deniz field totaled over $62.1 million from January through May 2021, Trend reports citing SOFAZ.
Totally, from 2007 to January 1, 2021, SOFAZ's revenues from the sale of gas from this field exceeded $3 billion, and from the sale of condensate - $57.1 million, the fund said.
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 goals of SOFAZ are the accumulation of funds and the placement of the fund's assets abroad in order to minimize the negative impact on the economy, the accumulation of funds for future generations, and the maintenance of the current socio-economic processes in the country.
The volume of revenues of the SOFAZ within the project for the development of the ACG field in the Azerbaijani sector of the Caspian Sea amounted to $3.5 billion in 2020.
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