Oil Fund of Azerbaijan Increases Sale of Foreign Currency in Local Market in 2020

Azerbaijan plans to import between 30,000 and 50,000 tons of AI-92 gasoline in December. This volume is necessary to ensure a stable supply of this petroleum product to meet the country’s needs amid the ongoing scheduled maintenance at the Baku Oil Refinery.

Oil production in Azerbaijan (including gas condensate) will average 580,000 barrels per day until 2027, the international rating agency S&P Global Ratings.

The State Oil Fund of Azerbaijan (SOFAZ) received $416.2 million in revenue from the Shah Deniz gas field development in the Azerbaijani sector of the Caspian Sea during January-November of this year. It should be noted that SOFAZ receives profits from the state under PSA (Production Sharing Agreement) contracts for the development of oil and gas fields.

Artificially accelerating the energy transition could cause serious environmental damage,  the Vice President of BP-Azerbaijan for Communications and External Relations, Bakhtiyar Aslanbeyli, stated at an international scientific conference on "Sustainable Environment: Transition to Green Energy" in Baku.