SOFAZ revenues on oil & gas contracts exceed AZN 3 bn for Q1 of 2020

11:38 - 17.04.2020

April 17, Fineko/abc.az. The State Oil Fund (SOFAZ) received AZN 3.772 bn on oil & gas agreements for Jan-Mar 2020.

ABC.AZ reports with reference to SOFAZ that the revenue from oil & gas sales reached AZN 2.997 bn. This income formed from oil sales in December, January and February, when crude oil prices in accordance with the terms of the futures contract were higher than the one envisaged in the State Budget. The average cost of crude oil for these months was $59.

"At the same time, during this period the bonus payments amounted to AZN 767.8 million, transit revenues AZN 4.9 million, and per-acre payments AZN 1.5 million," SOFAZ reports.

 

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