Saturday, 04 December 2021 09:59 GMT

State Oil Fund's revenues hit $6.1bn in Jan-Sep


(MENAFN- AzerNews) By Ayya Lmahamad

Revenues of the Azerbaijani State Oil Fund (SOFAZ) amounted to AZN 10.4 billion ($6.1bn), while the budget expenditures constituted AZN 7.3 billion ($4.3bn) in the first nine months of 2021, the fund has reported.

SOFAZ revenues from the implementation of oil and gas agreements amounted to AZN 8.1 billion ($4.8bn), including AZN 7.3 billion ($4.3bn) from the sale of profit oil and gas during the period of January-September 2021.

Moreover, bonus payments made up AZN 772 million ($454.1M) and transit payments AZN 16.5 million ($9.7M) of the revenue.

Revenues from asset management of the Fund for the reporting period amounted to AZN 2.2 billion ($1.3bn).

Within the execution of the SOFAZ budget for 2021, some AZN 7.3 billion ($4.2bn) were transferred to the state budget. In addition, AZN 3.4 million ($1.9M) were allocated to the“State Program on Raising Competitiveness of Higher Education in Azerbaijan in 2019-2023” in the first nine months of the year.

The SOFAZ administrative and operational expenses for the reporting period totaled AZN 15.1 million ($8.8M).

Its extra-budgetary revenues related to the foreign exchange rate fluctuations amounted to AZN 1.9 billion ($1.1bn).

As of September 30, 2021, the value of the SOFAZ assets under management amounted to $44.2 billion, increasing by 1.52 percent compared to the start of the year.

Established in 1999, SOFAZ is a sovereign wealth fund, which accumulates and preserves Azerbaijan's oil and gas revenues for future generations.

It 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, the fund's contribution to the country's GDP is over 80 percent.

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Ayya Lmahamad is AzerNews' staff journalist, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz   

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