Baku, Azerbaijan, Feb. 27
By Emil Ismayilov - Trend:
As of February 20, 2014, the revenues of the Azerbaijani State Oil Fund (SOFAZ) as a result of implementing the project of developing Shah Deniz gas condensate field in the Azerbaijani sector of the Caspian Sea have hit $1.623.8 billion since 2007, SOFAZ told Trend on Feb. 27.
The reserves of Shah Deniz field are estimated at 1.2 trillion cubic meters of gas. The contract on Shah Deniz offshore field development was signed on June 1996. The shared distribution among the participants of the agreement (after BP and SOCAR bought some Statoil's shares in the project) is as follows: BP ( operator) - 28.8 percent , Statoil - 15.5 percent , NICO - 10 percent , Total - 10 percent , Lukoil - 10 percent , TPAO - nine percent , SOCAR - 16.7 percent.
Some $ 26.9 million has been transferred to SOFAZ as part of Shah Deniz project since January 1 till February 20, 2014, SOFAZ said.
The State Oil Fund was established in 1999 and its assets at that time amounted to $271 million.
As of January 1, 2014, SOFAZ assets increased by 5.1 percent compared to $34.129.4 billion in early 2013 amounting to $35.877.5 billion.
SOFAZ's funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems upon SOFAZ's provision.
The main goals of the State Oil Fund include accumulation of resources and 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.
Translated by NH
Edited by CN