Baku, Azerbaijan, July 16
By Emil Ismayilov - Trend:
The State Oil Fund of Azerbaijan (SOFAZ) received some $102.812 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 July 1, 2014.
The contract for the development of Azeri-Chirag-Guneshli large offshore field 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.
"SOFAZ received around $7.780 billion from the implementation of the Azeri-Chirag-Guneshli project from Jan.1 to July 1, 2014," the fund told Trend on July 16.
SOFAZ was established in 1999, and its assets at that time amounted to $271 million.
The assets of SOFAZ have increased by 2.07 percent compared to early 2014 and exceeded $36.618 billion as of April 1, 2014.
Based on 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