Page 16 - FSUOGM Week 31 2021

FSUOGM NEWS IN BRIEF FSUOGM

cubic metres of natural gas to the European from condensate. Azercontract and Gazprom signed the
Union in the first six months of the year, Revenues from Azeri-Chirag-Guneshli required contract, the Russian news service
according to the news service report. Gas totalled $151.7bn from 2001 to July 1, 2021, cited Azerbaijani news agency Report as
exports from Azerbaijan to the EU began Sofaz also said. Also, revenues from Shah stating.
on December 31 following the completion Deniz amounted to $3.7bn from 2007 to "The contract provides for gas supplies
of the TAP pipeline. July 1, 2021. from Azerbaijan to Russia in summer
Earlier it was reported that Sofaz, which season and similar gas volumes in winter
also serves as Azerbaijan’s sovereign wealth season from Russia to Azerbaijan. Its
$2.4bn of oil, gas revenues fund, sold funds in the amount of $2.7bn in effective period is set forth until 2023,"
Report added.
FX auctions during the reported period.
flow to Azerbaijan’s “rainy revenues amounted to AZN 6.8bn ($3.9bn), supplies would depend on gas production
Additionally, the fund's first-half budget
Azercontract reportedly said that
day fund” in 1H while budget expenditures were AZN and consumption levels in Azerbaijan in the
4.7bn ($2.7bn). is seen as broadly stable at
summer months. The State Oil Company
Revenues that flowed to the Azerbaijani 3-3.2mn tonnes. of the Azerbaijan Republic (Socar) is to
State Oil Fund (Sofaz) from Azerbaijan’s deal with the technical implementation
major oil and gas fields amounted to $2.4bn of the contract in terms of intake and the
during January-June, the “rainy day fund” Azerbaijan and Russia shipment of products from Azerbaijan.
has reported.
The Azeri-Chirag-Guneshli block of agree to cooperate in
fields, which make up the largest oil field
in the Azerbaijani part of the Caspian Sea, seasonal natural gas swaps
accounted for $2.3bn of the funds. Revenues
from the Shah Deniz field, which is among Azerbaijan and Russia have agreed to
the world’s largest gas-condensate fields, cooperate in seasonal natural gas swaps,
amounted to $70.9mn, including $57.1mn TASS reported from Baku on July 27.

P16 www. NEWSBASE .com Week 31 03•August•2021