Azerbaijan's annual oil and gas revenues reach $20bn

Thu 29 Dec 2011 06:18 GMT | 10:18 Local Time

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Azerbaijan's annual revenue from the sale of oil and gas varies from $15 to $20bn, Industry and Energy Minister Natig Aliyev has said.

In an interview with Turkish TRT channel, broadcast on Thursday, Aliyev said that oil still brought in the most revenue.

“The country's revenues from the sale of hydrocarbons vary depending on the oil price, while the biggest part of the revenue comes from oil,” Aliyev said.

According to the head of the State Oil Fund of Azerbaijan, Shahmar Movsumov, the fund has received over $60bn since its creation. Over half this sum has been accumulated and is now being managed by the fund.

“Currently, the Oil Fund has $32bn,” Movsumov said.

Part of the assets of the State Oil Fund are transferred to the state budget. This year SOFAZ transferred to the state budget close to AZN 9bn and next year is expected to transfer AZN 10bn (some $12bn).

The State Oil Fund was established in 1999. Its main goals are accumulating assets and placement of the fund’s assets abroad in order to minimize the negative impact of oil and gas on the economy (to prevent “Dutch syndrome”), accumulate assets for future generations and support socioeconomic processes in the country.

The official exchange rate as of 29 December is AZN 0.7864 per USD.

News.Az

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