By Akbar Mammadov
Azerbaijan's State Oil Fund has announced its revenues from sales of oil and gas from Azeri-Chirag-Guneshli and Shah Deniz fields, the Fund's Public Relations Department said on June 3.
Thus, from January to June, the State Oil Fund of Azerbaijan (SOFAZ) received $ 2.106 billion in revenue from the Azeri-Chirag-Guneshli (ACG) oil and gas block development project in the Azerbaijani sector of the Caspian Sea.
In the meantime, SOFAZ has earned $66 million from the sale of natural gas on the Shah Deniz field in the same period.
The Fund also noted that in January-May, SOFAZ's revenue from the sale of condensate on Shah Deniz amounted to $120 million.
The State Oil Fund of Azerbaijan was established in December 1999 by the presidential Decree and is a sovereign wealth fund of Azerbaijan, which accumulates and preserves the nation's oil and gas revenues for future generations.
SOFAZ aims to ensure intergenerational equality with regard to the country's oil wealth and to accumulate and safeguard the oil revenues for generations to come.
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 contribution to the country’s GDP is over 80%.
Akbar Mammadov is AzerNews’ staff journalist, follow him on Twitter: @AkbarMammadov97
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