Azerbaijan Oil Fund’s revenues from sale of profit oil and gas brought up to $6.4 bn

15:31 - 27.08.2018


August 27, Fineko/abc.az. The State Oil Fund of Azerbaijan (SOFAZ) earned 11.03 bn or $6.409 bn from sale of profit oil and gas for 2017.

The SOFAZ annual report says that the average oil price was $41.9 in 2016 and $52.9 in 2017.

"SOFAZ revenues from sale of hydrocarbon resources, transit of oil and gas through the country, revenues from SOFAZ finances management at the end of 2017 amounted to AZN 12.137 bn or $7.065 bn. Fund's revenues for 2017 versus 2016 increased by 19.9%," the SOFAZ report says.

According to the report, Fund's expenditures for the past year amounted to AZN 11.015 bn or $6.37 bn, of which 55.4% were transferred to the State Budget, 35.9% to the Central Bank of Azerbaijan in order to ensure macroeconomic stability, 8.6% for financing of strategic projects and state programs, 0.1% for financing SOFAZ management expenditures.

 

 

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