Azerbaijani State Oil Fund revenues from Shah Deniz project exceed $2 B
Baku, Azerbaijan, Jan. 16
By Emil Ismayilov - Trend:
The revenues of the State Oil Fund of Azerbaijan from the implementation of the Shah Deniz oil and gas condensate field project in the Azerbaijani sector of the Caspian Sea amounted to $2.12 billion since 2007, the SOFAZ told Trend Jan.16.
Shah Deniz reserves are estimated at 1.2 trillion cubic meters of gas. The contract to develop the offshore Shah Deniz field was signed on June 4, 1996.
SOFAZ received $523 million within the Shah Deniz project in 2014, SOFAZ reported.
Participants at the development of the Shah Deniz field are SOCAR (the State Oil Company of Azerbaijan) with a share of 16.7 percent, BP (28.8 percent), Norway's Statoil (15.5 percent), Iran's NICO (10 percent), French Total (10 percent), Russia's Lukoil (10 percent) and Turkish TPAO (9 percent). Earlier, Total sold its share to Turkish TPAO and after completion of the transaction, the share of the latter will be 19 percent in the project.
Moreover, Norway's Statoil has sold its 15.5-percent share in the Shah Deniz project to the Malaysian oil and gas company Petronas. The transactions on the sale and purchase of the shares haven't been completed yet.
SOFAZ was established in 1999 with assets worth $271 million.
As of October 1, 2014, the assets of SOFAZ increased by 3.98 percent amounted to about $37.305 billion compared to early 2014 (about $35.877 billion).
The fund's main goals include accumulating resources and placing of the 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 current social and economic processes in Azerbaijan.
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