TODAY.AZ / Business

Azerbaijan’s oil fund transferred $61.5bn to state budget in 2003-2020

28 April 2020 [16:50] - TODAY.AZ

By Azernews

By Ayya Lmhammad

Azerbaijan’s State Oil Fund (SOFAZ) transferred over AZN 104,5 million ($61.5bn) to the country’s state budget in the period between April 2003 and April 2020, local media reported on April 28, with reference to the fund.

The volume of transfers from SOFAZ to the state budget amounted to AZN 4,6 million in the first quarter of 2020.

Set up in 1999 by the presidential decree, SOFAZ is a sovereign wealth fund, which accumulates and preserves the nation's oil and gas revenues for future generations.

SOFAZ aims to ensure intergenerational equality with regard to the country's oil wealth and to accumulate and safeguard the oil revenues for generations to come.

The Fund accumulates income from the sale of oil contracts, and in 2003, it started to make transfers to the state budget of Azerbaijan. As for now, SOFAZ contribution to the country’s GDP is over 80%.

URL: http://www.today.az/news/business/193342.html

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