BAKU, Azerbaijan, Apr.3
By Fidan Babayeva - Trend:
Revenues from the sale of gas and condensate produced at the Azerbaijani Shah Deniz field in the first 2 months of 2021 amounted to $29.1 million, Trend reports citing the State Oil Fund of Azerbaijan (SOFAZ).
In total, from 2007 through January 1, 2021, SOFAZ's revenues from the sale of gas from this field amounted to more than $3 billion, the fund said.
At the same time, revenues from the sale of condensate produced at the Shah Deniz field from the beginning of the year to April 1, 2021 amounted to $29.1 million.
SOFAZ was established in 1999 with assets of $271 million.
Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include the accumulation of resources and placement of assets abroad in order to minimize the negative effect on the economy, promotion of resource accumulation for future generations, and support of current social and economic processes in Azerbaijan.
In 2020, the fund's incomes from the sale of gas and condensate produced at Shah Deniz field equaled $293.9 million.
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