Baku, Azerbaijan, May 18
By Maksim Tsurkov - Trend:
The revenues of the State Oil Fund of Azerbaijan from the Azeri-Chirag-Guneshli block of oil and gas fields totaled $112.673 billion from early 2001 to May 1, 2015, SOFAZ told Trend May 18.
SOFAZ said it has received $2.522 billion worth revenues in January-April 2015, including $457 million in April from the project for development of ACG block of oil and gas fields 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 dropped by 5.86 percent and exceeded $37.104 billion as of Apr.1, 2015, compared to about $34.931 billion in early 2015.
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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