SOFAZ foreign currency sales hit $312.7m in May
By Ayya Lmahamad
The State Oil Fund of Azerbaijan (SOFAZ) sold funds in the amount of $312.7 million at foreign currency auctions in May, which is 38.6 percent less compared to the transaction in April, the fund’s press service has reported.
So far, SOFAZ sold funds in the amount of $2.3 billion at foreign currency auctions in the first five months of 2021.
In 2020, the Fund sold funds in the amount of $3.8 billion at foreign currency auctions.
Earlier it was reported that the revenues of the State Oil Fund from the major oil and gas fields amounted to $1.4 billion during the period of January-April 2021. 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 $1.4 billion, while the fund's revenues from the Shah Deniz field, which is among the world’s largest gas-condensate fields, amounted to $42.3 million.
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 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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