(MENAFN- AzerNews)
By Ayya Lmahamad
The State Oil Fund of Azerbaijan (SOFAZ) auctioned $212.3
million in July, Azernews reports per the fund's press service.
As a whole, in 2022, SOFAZ sold funds in the amount of $2.9
billion at foreign currency auctions.
The fund's revenues from the major oil and gas fields amounted
to $5.5 billion in the first half of 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 $4.8 billion, while the fund's revenues from the Shah Deniz
field, which is among the world's largest gas-condensate ones,
amounted to $633.2 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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