Head of SOFAZ: SOFAZ to Receive $65mln. of Bonus Allotments from BP and LUKoil
Azerbaijan will receive some $45 mln as a bonus from foreign partners due to the launch of gas production within the project of the development of gas condensate field Shahdaniz, Shahmar Movsumov, Executive Director of SOFAZ (State Oil Fund of Azerbaijan) has exclusively told Trend today.
According to him, due to the delay in the launch of the first gas production from the field, SOFAZ cannot obtain the corresponding bonus from the project in 2006.
We expect bonus allotments in February, 2007, said Mr. Movsumov.
Moreover, according to the head of SOFAZ, in 2007, the Fund is to receive a bonus at $20 mln from Russia's LUKoil within another Caspian project Yalama (D-222).
SOFAZ was established in 1999. The Fund's priorities are to accumulate incomes of the Azerbaijani Government from the implementation of the international oil and gas agreements. SOFAZ's major expenditures are improving the social conditions of refugees and IDPs suffered from the Azerbaijani-Armenian Nagorno-Karabakh Conflict, as well as financing strategically important infrastructure projects in the country.