Proceeds to Azerbaijani State Oil Fund from ACG project exceed $97 billion
Baku, Azerbaijan, Feb.27
By Emil Ismayilov - Trend:
As of February 20, 2014, the State Oil Fund of Azerbaijan (SOFAZ) has received $97.300.8 billion within the implementation of the project for development of Azeri-Chirag-Guneshli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea since early 2001, the fund told Trend on Feb.27.
The contact for development of Azeri-Chirag-Guneshli large offshore field was signed in 1994. The proven oil reserves of the block are nearly one billion tons.
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 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - eight percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.
"The fund received some $2.268.8 billion under the Azeri-Chirag-Guneshli project from January 1 to February 20, 2014," SOFAZ said.
SOFAZ was established in 1999, and its assets at that time amounted to $271 million.
As of January 1, 2014, the assets of SOFAZ increased by 5.1 percent compared to early 2013 ($34.29.4 billion) and amounted to $35.877.5 billion.
Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
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 negative affects on the economy, the prevention of "Dutch disease" to some extent, the promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.
Translated by L.Z.
Edited by C.N.