Baku, Azerbaijan, Mar. 18
By Maksim Tsurkov - Trend:
The State Oil Fund of Azerbaijan (SOFAZ) received the revenues worth $111.537 billion within the project of developing a block of oil and gas fields Azeri-Chirag-Guneshli from early 2001 to March 1, 2015, SOFAZ told Trend on March 18.
SOFAZ said that it received $1.386 million within the Azeri-Chirag-Guneshli project in February 2015.
Azeri-Chirag-Guneshli block of fields is located in the Azerbaijani sector of the Caspian Sea.
The contract for development of ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion metric tons.
The shareholders of the project are: BP (operator in the 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, Itocu - 4.3 percent and ONGC - 2.72 percent.
The State Oil Fund was created in 1999 and its assets were equal to $271 million that time.
The assets of SOFAZ increased by 3.42 percent and exceeded $37.104 billion as of Jan.1, 2015 compared to early 2014 (nearly $35.878 billion).
Under 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.
Edited by CN
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