Baku, Azerbaijan, Oct.10
By Emil Ismayilov - Trend:
The State Oil Fund of Azerbaijan (SOFAZ) received some $107.254 billion from the implementation of the project for development of Azeri-Chirag-Guneshli oil and gas fields' block in the Azerbaijani sector of the Caspian Sea from early 2001 to Oct.1, 2014, SOFAZ told Trend on Oct.10.
The contract for the development of Azeri-Chirag-Guneshli large offshore field, with proven oil reserve of nearly 1 billion metric tons, was signed in 1994.
Shares in the contract for development of Azeri-Chirag-Guneshli block of fields are distributed as follows: BP (operator in Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.
"The fund has received $12.222 billion under the ACG project from Jan.1 to Oct.1, 2014," SOFAZ said.
SOFAZ was established in 1999, and its assets at that time amounted to $271 million.
The assets of SOFAZ have increased by 4.86 percent and exceeded $37.622 billion as of July 1, 2014, compared to around $35.878 billion in early 2014.
Under the SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include: accumulation of resources and the placement of the fund's assets abroad in order to minimize the negative affect on the economy, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.