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State Oil Fund of Azerbaijan reveals its asset management revenues for 2020

Oil&Gas Materials 10 June 2021 11:49 (UTC +04:00)

BAKU, Azerbaijan, June 10

By Fidan Babayeva - Trend:

Revenues from asset management of the State Oil Fund of Azerbaijan (SOFAZ) totaled over $43.5 billion in 2020, Trend reports citing a report of Azerbaijan’s Chamber of Accounts on the execution of the SOFAZ 2020 budget.

According to the report, the oil fund ended the reporting year with a deficit of over 3.06 million manat ($1.8 million).

At the same time, revenues from the management of the fund's assets compared to budgeted income and extrabudgetary receipts increased by $241.1 million compared to 2019.

By the decree of the president of Azerbaijan dated August 31, 2020, changes were made to the budget of the State Oil Fund of Azerbaijan. According to the decree, the item of expenditure on the upper limit of transfers to the state budget of Azerbaijan for 2020 was increased to 12.2 million manat ($7.17 million).

(1 USD = 1.7 AZN June 10)

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Follow the author on Twitter: @Fidan_Babaeva

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