SOFAZ shares estimates of budget revenues for 2022

Finance Materials 7 December 2021 17:39 (UTC +04:00)
SOFAZ shares estimates of budget revenues for 2022

BAKU, Azerbaijan, Dec. 7

By Khagan Isayev – Trend:

The budget revenues of the State Oil Fund of Azerbaijan (SOFAZ) in 2022 are projected at about 10.59 million manats ($6.2 million), which is 1.22 million manats ($717,963), or 13.1 percent more compared to the achieved figure in 2020, Trend reports citing the conclusion of the Accounts Chamber of Azerbaijan on the draft budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for 2022.

According to the information, SOFAZ budget revenues for next year will exceed the forecasted figure for 2021 by 2.58 million manats ($1.5 million), or 32.4 percent.

"The SOFAZ budget formed a surplus of more than $1.83 million in 10M2021, which was facilitated by an increase in revenues of 30.5 percent, as well as the fact that crude oil was sold at a price of $20.1 more than the projected figure ($40) - for $61.1 per barrel," the message says.

SOFAZ was established in 1999 with assets of $271 million.

Proceeding from 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 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.