State Oil Fund’s revenues hit $3.9bn in 2021 – MENAFN.COM

State Oil Fund’s revenues hit $3.9bn in 2021 – MENAFN.COM

Revenues of Azerbaijani State Oil Fund (SOFAZ) mounted to AZN 6. 8 billion ($3. 9bn), while the budget expenditures constituted AZN 4. 7 billion ($2. 7bn) in the first half of 2021, the fund has reported. SOFAZ revenues from the implementation of oil and gas agreements amounted to AZN 4. 9 billion ($2. 8bn), including AZN 4. 1 billion ($2. 4bn) from the sale of profit oil and gas during the period of January-June 2021. Moreover, bonus payments made up AZN 768. 6 million ($452. 1M) and transit payments AZN 10. 8 million ($6. 3M) of the revenue. Furthermore, revenues from asset management of the Fund for the reporting period amounted to AZN 1. 9 billion ($1. 1bn). Within the execution of the Fund budget for 2021, some AZN 4. 6 billion ($2. 7bn) were transferred to the state budget. In addition, AZN 1. 4 million ($823, 529) were allocated to the"State Program on Raising Competitiveness of Higher Education in Azerbaijan in 2019-2023" in the first six months of the year. Likewise, SOFAZ's administrative and operational expenses for the reporting period totaled AZN 10. 6 million ($6. 2M). The Fund's extra-budgetary revenues related to the foreign exchange rate fluctuations amounted