Azerbaijan, Baku, August 28 /Trend, E.Ismayilov/
As of August 26, around $1 467.6 million has come into Azerbaijan's State Oil Fund since 2007, supporting the implementation of the project to develop the Shah Deniz gas condensate field in the Azerbaijani sector of the Caspian Sea, the State Oil Fund told Trend on Wednesday.
According to the report, the volume of revenue to the State Oil Fund within the Shah Deniz project amounted to $254.6 million from the beginning of this year to August 26.
Shah Deniz reserves are estimated at 1.2 trillion cubic meters of gas.
The contract to develop the offshore Shah Deniz field was signed on June 4, 1996.
Participants to the agreement are: BP (operator) - 25.5 per cent, Statoil - 25.5 per cent, NICO - 10 per cent, Total - 10 per cent, Lukoil - 10 per cent, TPAO - nine per cent and SOCAR - 10 per cent.
State Oil Fund was established in 1999. According to the regulation about the State Oil Fund, its resources may be used for construction and reconstruction of strategically important infrastructure projects, as well as for settlement of important national issues
The main goals of Azerbaijan's State Oil Fund include: accumulation of funds and placement of Fund assets abroad in order to minimize negative impact on economy, prevention of "Dutch Disease" to some extend, provision of fund's accumulation for future generations and support of ongoing social and economic processes in Azerbaijan.