Baku, Azerbaijan, July 16
By Emil Ismayilov - Trend:
The revenues of Azerbaijan's State Oil Fund (SOFAZ) from the project for development of the Shah Deniz gas condensate field in the Azerbaijani sector of the Caspian Sea stood at $1.893 billion from 2007 to July 1, 2014.
SOFAZ received around $296 million from the implementation of the Shah Deniz project from Jan.1 to July 1, 2014, the fund told Trend.
SOFAZ was established in 1999, and its assets at that time amounted to $271 million.
The assets of SOFAZ have increased by 2.07 percent compared to early 2014 and exceeded $36.618 billion as of April 1, 2014.
Based on 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.
Partners operating for Shah Deniz field's development, which has reserves of 1.2 trillion cubic meters of gas, include SOCAR with a share of 16.7 percent, British BP (28.8 percent), Norwegian Statoil (15.5 percent), Iranian NICO (10 percent), Russian Lukoil (10 percent) and Turkish TPAO (19 percent).
Edited by CN