(MENAFN- AzerNews)
By Ayya Lmahamad
The State Oil Fund of Azerbaijan (SOFAZ) auctioned $278.1
million in June, Azernews reports per the fund's press service.
As a whole, in 2022, SOFAZ sold funds in the amount of $2.7
billion at foreign currency auctions.
The fund's revenues from the major oil and gas fields amounted
to $4.3 billion in January-May 2022. Of these, revenues from the
Azeri-Chirag-Guneshli block of fields, which are the largest oil
fields in the Azerbaijani sector of the Caspian Sea, amounted to
$3.8 billion, while the fund's revenues from the Shah Deniz field,
which is among the world's largest gas-condensate fields, amounted
to $526.5 million.
The fund's budget revenues and expenditures respectively totaled
AZN2.9 billion ($1.7bn) and AZN2.7 billion ($1.5bn) in the first
quarter of 2022.
Established in 1999, SOFAZ is a sovereign wealth fund, which
accumulates and preserves Azerbaijan's oil and 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 annual 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
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@AzerNewsAz
- Tags:
- Azerbaijan
- Azerbaijan's State Oil Fund (SOFAZ)
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