Baku, Azerbaijan, Dec.24
By Emil Ismayilov - Trend:
As of December 20, 2013, State Oil Fund of Azerbaijan (SOFAZ) has received around $94.532.2 billion since early 2001 within the implementation of the project for development of Azeri-Chirag-Guneshli block of oil and gas fields in the Azerbaijani sector of the Caspian Sea, SOFAZ told Trend on Dec.24.
"The Fund received some $15.761.4 billion within Azeri-Chirag-Guneshli project throughout 2013," SOFAZ said.
He contract for the development of Azeri-Chirag-Guneshli offshore field was signed in 1994.
Shares in the contract for development of Azeri-Chirag-Guneshli block of fields is distributed as follows: BP (operator in Azeri-Chirag-Guneshli) - 35.78 per cent, Chevron - 11.27 per cent, Inpex - 10.96 per cent, AzACG - 11.65 per cent, Statoil - 8.56 per cent, Exxon - eight per cent, TPAO - 6.75 per cent, Itochu - 4.3 per cent and ONGC - 2.72 per cent.
According to the regulations of the State Oil Fund, the funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as to solve important national issues.
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, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.
Translated by L.Z.