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December 2018
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Wednesday, 03 October 2018 14:00

SOFAZ revenues falling

SOFAZ revenues falling

From January to September 2018, the State Oil Fund of Azerbaijan (SOFAZ) received a total of $7.401 billion from sale of profit oil from the Azeri-Chirag-Gunashli (ACG) block and condensate from the Shah Deniz gas condensate field, Caspian Energy News (www.caspianenergy.net) reports with reference to the press service of SOFAZ. Condensate accounted for $115 million.  

From October 2001 to October 1, 2018, SOFAZ earned a total of $135.887 billion from sale of profit oil from ACG.

Revenues that SOFAZ has gained since 2007 from sale of profit gas, produced at Shah Deniz, totaled $2.506 billion.

SOFAZ revenues for the year of 2018 have been approved at 15billion 310 million 823.9 thousand manats, while expenditures have been approved at 11 billion 480 million 221.8 thousand manats.

 As reported previously, SOFAZ revenues for the year of 2018 were initially approved at 11 billion 559 million 956.2 thousand manats, expenditures at 9 billion 730 million 221.8 thousand manats.

Reconsideration of the SOFAZ budget parameters is associated with the oil price change. The SOFAZ budget for the year of 2018 was initially based on the oil price - $45 per barrel. However, oil prices were considerably higher between January and May 2018. As a result, the SOFAZ budget for the current year has been based on the oil price - $55 per barrel.

As a result of the revised costs for the Fund, in 2018 SOFAZ earnings from sale of profit oil and gas of Azerbaijan will make 13 billion 307 million 411 thousand manats of all revenues of the Fund for this year.

Person in charge of the newsline: Fidan Isayeva

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