Revenue Obtained By The Oil Fund From Shah Deniz Decreases

(MENAFN- AzerNews)

Ulviyya Shahin Read more

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) hasearned $78.5 million from the Shah Deniz field (gas and condensate)since the beginning of the current year until April 1, Azernews reports.

According to information released by the State Oil Fund of theRepublic of Azerbaijan, revenues from the Shah Deniz field havedecreased by 8.2 times compared to the corresponding period of lastyear.

Additionally, revenues from the sale of condensate from the ShahDeniz field decreased by 8.1 times during the reporting period,amounting to $15.7 million.

SOFAZ is a sovereign wealth fund established by Azerbaijan tomanage and preserve the country's oil and gas revenues for futuregenerations. It was created in 1999 and operates as anextra-budgetary entity under the direct control of the President ofAzerbaijan.

The Shah Deniz field is one of the largest natural gas fields inAzerbaijan and is located offshore in the Caspian Sea. It is acritical asset in Azerbaijan's oil and gas sector, contributingsignificantly to the country's hydrocarbon production and exportrevenues.


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