Baku, Azerbaijan, Jan.16
By Emil Ismayilov - Trend:
The State Oil Fund of Azerbaijan (SOFAZ) received $110.15 billion worth of revenues within the project for development of Azeri-Chirag-Guneshli oil and gas fields' block from early 2001 to Jan.1, 2015, SOFAZ told Trend on Jan.16.
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.
SOFAZ said it received $15.118 billion worth of revenues within the ACG project in 2014.
The State Oil Fund was created in 1999 and its assets were equal to $271 million that time.
The assets of SOFAZ increased by 3.98 percent and totaled $37,305,300,000 as of October 1, 2014, compared to early 2014 ($35,877,500,000).
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.
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