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Azerbaijan´s state oil fund's revenues hit $1.7 billion

As of now, the oil fund contributes more than 80 % of the country's GDP

Azerbaijan´s state oil fund's revenues hit $1.7 billion

Baku, April 19 - Neftegaz.RU. The Azerbaijani State Oil Fund (SOFAZ) has said that its budget revenues and expenditures respectively totaled $1.7 billion and $1.5 billion in the 1st quarter of 2022.

SOFAZ revenues from oil and gas agreement implementation totaled $2.7 billion, including $2.2 billion from the sale of profit oil and gas during the reported period.

Furthermore, bonus payments accounted for $450.1 million, and transit payments accounted for $3.4 million of revenue.
In the 1st quarter, the extra-budgetary income from exchange rate fluctuations amounted to $126 million.

During the reporting period, $1.5 billion was transferred to the state budget as part of the execution of the SOFAZ budget for 2022.
In addition, $1.2 billion was allocated to finance the «state program for raising the competitiveness of higher education in Azerbaijan for 2019-2023».

Expenses related to the management of SOFAZ in January-March 2022 amounted to $3.1 million.

As of March 31, 2022, SOFAZ assets increased 0.53 % from the beginning of 2022 to $45.2 million.
Rising energy prices led to an increase in oil & gas revenues, which, in turn, was the main reason for the increase in assets.

SOFAZ is a sovereign wealth fund founded in 1999 to collect and preserve the country's oil and gas revenues for future generations.
It earns money from the sale of oil contracts and began transferring funds to Azerbaijan's state budget in 2003.

Source : Neftegaz.RU


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