Baku, Azerbaijan, June 9
By Emil Ismyilov - Trend:
As of June 1, 2014, the revenues of the State Oil Fund of Azerbaijan from the implementation of the "Shah Deniz" oil and gas condensate field project in the Azerbaijani sector of the Caspian Sea amounted to about $1853 billion since 2007, the SOFAZ told Trend.
The fund received $256 million within the "Shah Deniz" project from January 1 to June 1, 2014, the fund reported.
The State Oil Fund was established in 1999, with a total net worth of $271 million.
As of April 1, 2014, the assets of SOFAZ increased by 2.07 percent compared to the beginning of 2014 (about $35 877 billion), amounted to about $36 618 billion.
Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure and facilities, as well as solving important national problems.
The fund's main goals include accumulating resources and placing of the Fund's assets abroad in order to minimise any negative affect on Azerbaijan's economy (by the phenomenon known as 'Dutch disease'), promoting resource accumulation for future generations, and supporting for current social and economic processes in Azerbaijan.
The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The reserves of the Shah Deniz field are estimated at 1.2 trillion cubic meters of gas.
The agreement's participants include such companies as the State Oil Company of Azerbaijan Republic (SOCAR) with a 16.7 percent share, BP (28.8 percent), Norway's Statoil (15.5 percent), Iran's NICO (10 percent), the French Total (10 percent), Russia's Lukoil (10 percent) and Turkish TPAO (9 percent). Earlier, Total sold its stake to Turkish TPAO project and after completion of the transaction, the share of the latter will be 19 percent in the project.
Edited by CN