Largest oil project brings $117B to Azerbaijan
Baku, Azerbaijan, Jan. 19
By Maksim Tsurkov - Trend:
State Oil Fund of Azerbaijan (SOFAZ) received $117 billion within the framework of the project to develop the block of oil and gas fields "Azeri-Chirag-Guneshli" (ACG) in the Caspian Sea's Azerbaijani sector since the beginning of 2001 and by Jan. 1, 2015, the Fund told Trend.
"The Fund received $6.9 billion within the framework of ACG project in 2015", SOFAZ said.
The contract for the Azeri-Chirag-Guneshli development, with proven reserves of nearly 1 billion tons of oil, was signed in 1994.
Shares in the contract are as follow: BP (operator) - 35.78 percent, Chevron - 11.28 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.55 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.
SOFAZ was created in 1999 and its assets were equal to $271 million that period.
The assets of SOFAZ dropped by 6.38 percent as of Oct.1, 2015 and totaled $34.74 billion compared to early 2015 ($37.1 billion).
Under 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, preventing the "Dutch disease" to some extent, promoting resource accumulation for future generations and supporting current social and economic processes in Azerbaijan.
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