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Saturday December 10 2022

SOFAZ foreign currency sales hit $465.3m in September

5 October 2022 14:13 (UTC+04:00)
SOFAZ foreign currency sales hit $465.3m in September

By Ayya Lmahamad

The State Oil Fund of Azerbaijan (SOFAZ) auctioned $465.3 million in September, Azernews reports per the fund’s press service.

As a whole, in 2022, SOFAZ sold $3.8 billion at foreign currency auctions in Azerbaijan.

The fund's revenue from the major oil and gas fields amounted to $7.7 billion from January to August 2022. Of these, revenue from the Azeri-Chirag-Guneshli block of fields, which are the largest oil fields in the Azerbaijani sector of the Caspian Sea, amounted to $6.6 billion, while the fund's revenues from the Shah Deniz field, which is among the world’s largest gas-condensate ones, amounted to $1.1 billion.

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

Follow us on Twitter @AzerNewsAz

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