Baku, Azerbaijan, June 10
By Emil Ismayilov - Trend:
As of June 1, 2014, some $101.630.8 million have been transferred to the State Oil Fund of Azerbaijan (SOFAZ) since early 2001 as part of the development project of a block of oil and gas fields "Azeri-Chirag-Guneshli" (ACG) in the Azerbaijani sector of the Caspian Sea, SOFAZ told Trend on June 9.
The contract on developing the large offshore field ACG was concluded in 1994. The proved oil reserves at the block are about one billion tons.
Shares in the contract for development of the Azeri-Chirag-Guneshli block of fields is distributed as follows: BP (operator in 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, Itochu - 4.3 percent and ONGC - 2.72 percent.
"SOFAZ received $6.598.8 billion as part of Azeri-Chirag-Guneshli project since January 1 to June 1, 2014," SOFAZ said.
As of April 1, 2014, SOFAZ assets increased by 2.07 percent compared to early 2014 ($35.877.5 billion) and reached $36.618.4 billion.
The State Oil Fund was established in 1999, with a total net worth of $271 million.
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. In 2001-2009 the organization channeled funds to development Azerbaijan's oil and non-oil sectors. Currently, a number of strategically important projects in irrigation and transport areas are being financed by SOFAZ.
The fund's main goals include accumulating resources and placing of the Fund's assets abroad in order to minimize 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.
edited by CN