Currency Reserves of Azerbaijan can Reach $20bln By End of Year: Minister of Finance
Azerbaijan, Baku, 12 July/ Trend , corr U. Ismayilova/ The strategic currency reserves of Azerbaijan can reach $20bln, Samir Sharifov, minister of finance of Azerbaijan said.
Today the currency reserves of the National Bank of Azerbaijan total to almost $5bln and assets of the State Oil Fund of Azerbaijan - $5bln.
"The currency reserves will increase further due to the funds accumulated in the oil Fund which depends on the profitable oil transported from Azeri-Chirag-Gunashli field," minister said.
According to minister, the coefficient of the distribution of the profitable oil can change to a great degree this year - R factor between the Azerbaijani contractors and Azerbaijan in Azero-Chirag-Gunashli field.
In 2008, R-factor can make up 80% ( Azerbaijan) by 20% (foreign contractors). The change of R-factor in the project depends also on the world oil prices.
The Azeri-Chirag-Guneshli PSA was signed in September 1994. The agreement provides for the development of the contract area within 30 years.
Production in the Chirag field commenced in 1997, on Central Azeri at the beginning of 2005, West Azeri at the beginning of 2006, and East Azeri at the end of 2006. The production from the Deepwater Gunashli field is scheduled for mid-2008.
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