BAKU, Azerbaijan, Oct.21
By Leman Zeynalova – Trend:
The revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the sale of profit oil and gas stood at 7 384.4 million manat from January through September 2021, as compared to 5 445.5 million manat in the same period in 2020, Trend reports with reference to the Fund.
Revenue of 8 178.2 million manat was received from the implementation of oil and gas agreements, including 7 384.4 million manat from the sale of profit oil and gas, 772.0 million manat as bonus payments, 16.5 million manat as transit payments and 5.3 million manat as acreage fee.
This is while in the same period in 2020, the Fund’s revenues from implementation of oil and gas agreements stood at 6 235.1 million manats.
Budget revenues of SOFAZ for the period of January-September 2021 reached 10 444.5 million manat, while budget expenditures constituted 7 328.2 million manat, as compared to 6 593.1 million manat and 9 046.3 million manat, respectively.
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.
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