Baku, Azerbaijan, Dec.24
By Emil Ismayilov - Trend:
As of October 1, State Oil Fund of Azerbaijan (SOFAZ) has received around $1.556.2 billion since 2007 within the implementation of the project for development of Shah Deniz gas condensate field in the Azerbaijani sector of the Caspian Sea, SOFAZ told Trend on Dec.24.
The volume of incomes to SOFAZ within Shah Deniz project amounted to $343.1 million from Jan.1 to Dec.20, 2013, SOFAZ said.
Shah Deniz reserves are estimated at 1.2 trillion cubic meters of gas.
The contract for development of Shah Deniz offshore field was signed on June 4, 1996. Participants to the agreement are: BP (operator) - 28.8 percent, Statoil - 15.5 percent, NICO - 10 percent, Total - 10 percent, Lukoil - 10 percent, TPAO - nine percent, SOCAR - 16.7 percent.
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.