SOFAZ announces revenues since start of Shah Deniz project
Azerbaijan, Baku, Oct. 18 /Trend, E. Ismailov/
As of Oct. 1, some $1,502.8 million were received by the State Oil Fund of Azerbaijan (SOFAZ) from 2007 as part of the project of development of Azeri-Chirag-Guneshli (ACG) oil fields' block in the Azerbaijani sector of the Caspian Sea, SOFAZ told Trend on Friday.
SOFAZ said that from January-September 2013 the volume of its revenues, as part of the Azeri-Chirag-Guneshli project, amounted to $289.8 million.
Shah Deniz field's reserves are estimated at 1.2 trillion cubic meters of gas.
The contract for development of Azeri-Chirag-Guneshli large offshore field was signed in 1994. The contract's participants include: BP (operator in Azeri-Chirag-Guneshli) - 25.5 per cent, Statoil - 25.5 per cent, NICO - 10 per cent, Total - 10 per cent, Lukoil - 10 per cent, TPAO - 9 per cent, SOCAR - 10 per cent.
SOFAZ was established in 1999 when its assets amounted to $271 million. Based on SOFAZ's regulations, the funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems. SOFAZ's main purposes include accumulation of funds and placement of its assets abroad to minimise the negative impact on the economy and prevent 'Dutch syndrome', to ensure savings for future generations and to maintain the current socio-economic standards of Azerbaijan.