Azerbaijan's transit revenues growing

  10 June 2019    Read: 814
  Azerbaijan

Azerbaijan obtained revenues worth $10.69 million (18.1 million manats) from the transit of oil and gas in 2018, AzVision.az reports referring to the report of the Azerbaijani Chamber of Accounts.

According to the report, the amount of the revenues is by 188,200 manats more than the amount last year and by 4.2 percent more than the projected revenues (17.4 million manats).

In 2018, 27.9 million barrels of oil were transported through the Azerbaijani part of the Baku-Supsa pipeline.

The State Oil Fund of Azerbaijan (SOFAZ) was established in 1999, and its assets at that time amounted to $271 million. SOFAZ has accumulated $38.5 billion.

According to the regulations on SOFAZ, its funds can be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important problems.

The main objectives of SOFAZ consist of accumulating funds and allocating the Fund’s assets abroad for minimizing the negative impact on the economy, preventing the ‘Dutch disease’ to some extent, ensuring the accumulation of funds for future generations and maintaining current socio-economic processes in the country.

(1.7 AZN = 1 USD on June 10)


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