SOFAZ sees significant increase in revenues from oil & gas agreements

Oil&Gas 18 January 2022 18:35 (UTC +04:00)
SOFAZ sees significant increase in revenues from oil & gas agreements

BAKU, Azerbaijan, Jan,18

By Leman Zeynalova – Trend:

Azerbaijan’s State Oil Fund (SOFAZ) received 12.698 billion manat worth revenues from the implementation of oil and gas agreements in 2021, as compared to 7.382 billion manat in 2020, Trend reports with reference to the Fund.

As such, SOFAZ’s revenues from oil and gas agreements rose by 72,01 percent year-on-year.

The Fund received 11.894 billion manats from the sale of profit oil and gas, 776.9 million manats as bonus payments, 5.3 million manats as acreage fee and 21.4 million manats as transit payments.

The revenues from managing SOFAZ’s assets for 2021 amounted to 3 287 billion manats, which accounted for 20.56 percent of total revenues.

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.


Follow the author on Twitter: @Lyaman_Zeyn