BAKU, Azerbaijan, March 11
By Leman Zeynalova - Trend:
Total revenues of Azerbaijan’s state oil fund (SOFAZ) from oil and gas contracts stood at $2 019 600 000 from January through February 2022, the Fund told Trend.
“SOFAZ’s budget revenues from oil and gas contracts as of 2022 are forecast at $5 513 500 000. The Fund’s revenues from the abovementioned sources in the first two months of 2022 amounted to $2 019 600 000, including $1.307 billion from oil sales from Azeri-Chirag-Gunashli (ACG), $227.5 million from gas and condensate sales from Shah Deniz and $32.6 million from other fields,” said the Fund.
Moreover, the Funds total revenues from bonuses, transit fees, per acre and other payments amounted to $452.5 million from January through February 2022.
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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