Why State Oil Fund’s Income from ACG Declined in October when Oil Prices Increased?

Revenues of the State Oil Fund of Azerbaijan (SOFAZ) in the framework of the project Azeri-Chirag-Guneshli in January-October 2016 amounted to $ 4 billion 21 million, Turan was reported in the Oil Fund.

In October the profit oil of Azerbaijan amounted to only $ 359 million. Moreover, Azerbaijan received such a profit at the average export price of $ 51.35. Although in July and August at a price of about $ 47 it received $ 465 million and $ 564 million respectively. However, in October the accounts of the Oil Fund usually receive incomes from oil mainly sold in September. In the same month the mining platform Deepwater Gunashli was suspended for 12 days. Therefore, the profit decline of SOFAZ within ACG, despite the rise in oil prices, had objective reasons.

In general, after the start of SOFAZ activities in the framework of the "contract of the century" in June 2001, the Fund has received $ 121 billion 30 million.

Table of monthly profit of the Oil Fund from ACG in 2016

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