Volume of proceeds to Azerbaijan’s State Oil Fund from ACG project nears $91 billion

Photo: Volume of proceeds to Azerbaijan’s State Oil Fund from ACG project nears $91 billion
 / Oil&Gas

Azerbaijan, Baku, Oct. 18 /Trend, E. Ismailov/

As of Oct. 1, some $90,878.5 million was received by the State Oil Fund of Azerbaijan (SOFAZ) from early 2001 within frameworks of the project of development of the Azeri-Chirag-Guneshli (ACG) block of oil field in the Azerbaijani sector of the Caspian Sea, SOFAZ told Trend on Friday.

SOFAZ said that in January-September 2013 it received $12,107.6 million as part of the Azeri-Chirag-Guneshli project.

The contract for development of Azeri-Chirag-Guneshli large offshore field was signed in 1994.

Shares in the contract are distributed as follows: BP (operator in Azeri-Chirag-Guneshli) - 35.78 per cent, Chevron - 11.27 per cent, Inpex - 10.96 per cent, AzACG - 11.65 per cent, Statoil - 8.56 per cent, Exxon - 8 per cent, TPAO - 6.75 per cent, Itochu - 4.3 per cent and ONGC - 2.72 per cent.

SOFAZ was established in 1999 when its assets amounted to $271 million. Based on SOFAZ's regulations, the funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems. SOFAZ's main purposes include accumulation of funds and placement of its assets abroad to minimise the negative impact on the economy and prevent 'Dutch disease, to ensure savings for future generations and to maintain the current socio-economic standards of Azerbaijan.

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