BAKU, Azerbaijan, Nov. 11
Trend:
The volume of transfers from the State Oil Fund of the Azerbaijan Republic (SOFAZ) to the country’s state budget from January through September 2019, amounted to over 7.5 billion manat ($4.4 billion), Trend reports referring to SOFAZ.
The total volume of transfers from SOFAZ to the Azerbaijani state budget from 2003 through September 30, 2019, amounted to over 96 billion manat ($56.5 billion).
SOFAZ began to make transfers to the Azerbaijani state budget in 2003.
SOFAZ was created upon the Azerbaijani president’s decree dated December 29, 1999. The revenues obtained from the implementation of oil contracts, in particular, the sale of the country’s profitable oil and gas, transit tariffs for the transportation of oil and gas through the country, the lease of state property, etc. are accumulated in SOFAZ.