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State Oil Fund's revenues from profitable oil, gas sales hit $2.4bn in 2020

21 July 2020 [16:30] - TODAY.AZ

By Azernews

By Ayya Lmahamad

Revenues to the State Oil Fund of Azerbaijan from the sale of profitable oil and gas from the Azeri-Chirag-Guneshli and Shah Deniz fields amounted to $2.4 billion in the first half of 2020, the fund’s press service reported on July 21.

During the reporting period, SOFAZ’ revenues from the sale of oil from Azeri-Chirag-Guneshli block amounted to $2.2 billion.

Moreover, total revenues of SOFAZ from sale of profitable gas and condensate from Shah Deniz field during the reporting period, amounted to $197 million. In addition, this includes revenues from the sale of condensate during this period amounted to $131 million, of gas to $66 million.

Earlier it was reported that the revenues of the State Oil Fund of Azerbaijan from oil and gas agreements in January- June 2020 amounted to AZN 4.9 billion ($2.8bn).

Revenues from oil and gas sales amounted to AZN 4.1 billion (2.4bn), while the weighted average price of net oil during the reporting period was $38.7.

SOFAZ was established in December 1999 by the Presidential Decree and is a sovereign wealth fund of Azerbaijan, which accumulates and preserves the nation's oil and gas revenues for future generations. The fundamental mission of SOFAZ is to ensure intergenerational equality with regard to the country's oil wealth and to accumulate and safeguard the oil revenues for generations to come.

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 contribution to the country’s GDP is over 80 percent.


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