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Azerbaijan´s state oil fund's revenues hit $3.6 billion

Azerbaijan´s state oil fund's revenues hit $3.6 billion

Baku, October 28 - Neftegaz.RU. The revenues of the State Oil Fund of Azerbaijan in connection with the profitable oil & gas agreements amounted to $3.6 bln during the period of January-September 2020, AzerNews has reported. The Fund's revenues from profitable oil and gas sales amounted to $3.1 bln during the reporting period.

Moreover, premium payments made up $451.6 mln, payments for area $3.9 mln, transit revenues $8.8mln. Thus, revenues of the Oil Fund during the reporting period amounted to $3.8 mln, while budget expenditures to $5.2 mln.

Revenues from asset management of the Fund for the reporting period amounted to $210.5 mln. Fund's extra-budgetary revenues due to exchange rate fluctuations amounted to $1.3 mln. Likewise, Fund transferred $5.1 bln to the state budget, during the reporting period.

Additionally, as of September 30, the Fund's assets decreased by 0.08 % compared to the beginning of 2020 and amounted to $43.2 billion.

The decrease in assets was due to the fact that SOFAZ budget expenditures exceeded budget revenues, due to a drop in oil prices against the background of the global economic recession caused by the coronavirus pandemic.

Earlier it was reported that the State Oil Fund of Azerbaijan sold funds in the amount of $606.4 million at foreign currency auctions in September, which is 21 % more compared to August.

SOFAZ 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 & 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 contribution to the country's GDP is over 80 %.