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SOFAZ clarifies decline in revenues from Shah Deniz

05 March 2021 12:07 (UTC +04:00)

There are certain agreements with various buyers within the Shah Deniz gas condensate field development project in the Azerbaijani sector of the Caspian Sea. According to these agreements, if necessary, the funds for gas purchased under the contracts are compensated at the expense of the state's profitable share, SOFAZ said in an answer to the query of APA-Economics regarding the reason for the lack of gas revenues from the mentioned project.

According to the information, on the mentioned case, this fund should be repaid to the Oil Fund in relevance with the multilateral agreement signed between sides: “Taking into consideration all of these, in January-February of 2021, the SOFAZ did not get income from the sale of gas within the framework of the Shah Deniz project.”

SOFAZ also added that income of the Fund from sale of condensate of the Shah Deniz field has been USD 3,538 thousand in January-February of 2021.

Note that in January-February of the previous year, SOFAZ’s income from the Shah Deniz gas-condensate field was USD 69 mln.