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SOFAZ earned over $2 bn for Jan-Jul

06.08.2020,12:11


August 6, Fineko/abc.az. The State Oil Fund of Azerbaijan (SOFAZ) has published revenues on Azeri-Chirag-Guneshli (ACG) and Shah Deniz on 1 August 2020.

ABC.AZ reports with reference to SOFAZ that for Jan-Jul of the year that the SOFAZ received a total of AZN 2.485 bn.

For comparison, for the past 7 months of 2019 SOFAZ earned $5.16 bn from the ACG field, and for the period from January to July 2018 - $5.621 bn million. Thus, Fund's revenue on ACG decreased by 2.1 times.

For this period the Fund received earnings of $215.5 million from Shah Deniz field (gas and condensate). At the same time, for 7 months of 2020, revenues from the sale of condensate at the Shah Deniz field amounted to $149 million.

The decline in revenues is linked with sharp reduction in the price of oil this year.