Industry

Revenues of the Oil Fund from the Azeri-Chirag-Guneshli (ACG) increased by 2 times with a decrease in production volumes by 1 million tons

According to the results of January-June 2022, the revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) from the Azeri-Chirag-Guneshli oil project amounted to $4 billion 871 million, SOFAZ said in a statement.

According to the results of the first half of 2021, $2 billion 354.1 million were received from the ACG project to SOFAZ accounts. Thus, in January-June of this year, the Oil Fund increased its income from the ACG project by $2 billion 516.9 million, or 2 .07 times.

Turan recalls that the increase in revenues of the Oil Fund from the main oil block of Azerbaijan by 2.07 times occurred at a time when production volumes from the ACG decreased by 1 million tons in January-June 2022 (data from the Ministry of Energy of the Republic of Azerbaijan). The growth of SOFAZ’s income from ACG was associated with an increase in oil prices on world markets by more than 2 times.

Source: Turan News Agency