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Azerbaijani State Oil Fund's revenues hit $3.9 billion in 2021

The Fund accumulates income from the sale of oil contracts, and in 2003 it started to make transfers to the state budget of Azerbaijan

Azerbaijani State Oil Fund's revenues hit $3.9 billion in 2021

Baku, July 28 - Neftegaz.RU. Revenues of Azerbaijani State Oil Fund (SOFAZ) amounted to $3.9 billion, while the budget expenditures constituted $2.7 billion in the 1st half of 2021, the fund has reported.

SOFAZ revenues from the implementation of oil & gas agreements amounted to $2.8 billion, including $2.4 billion from the sale of profit oil & gas during the period of January-June 2021.
Revenues from asset management of the Fund for the reporting period amounted to $1.1 billion.

Within the execution of the Fund budget for 2021, some $2.7 billion were transferred to the state budget.
The Fund’s extra-budgetary revenues related to the foreign exchange rate fluctuations amounted to $705,882.

In addition, $823,529 were allocated to the «State Program on Raising Competitiveness of Higher Education in Azerbaijan in 2019-2023» in the 1st 6 months of the year.

Established in 1999, SOFAZ is a sovereign wealth fund, which accumulates and preserves Azerbaijan’s oil & gas revenues for future generations.
The Fund accumulates income from the sale of oil contracts, and in 2003 it started to make transfers to the state budget of Azerbaijan.
As for now, SOFAZ's contribution to the country’s GDP is over 80%.

Source : Neftegaz.RU


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