Azerbaijani State Oil Fund’s revenues from Shah Deniz project increase by over quarter
Baku, Azerbaijan, Nov. 18
By Emil Ismayilov - Trend:
As of November 1, 2014, 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 about $2.047 billion since 2007, the SOFAZ told Trend Nov. 18.
The fund received $450 million within the "Shah Deniz" project from January 1 to November 1, 2014, the fund reported. The revenues from this project increased by 28.2 percent compared to early 2014.
Shah Deniz's reserves are estimated at 1.2 trillion cubic meters of gas. A contract was signed on June 4, 1996 to develop the Shah Deniz offshore field.
The shareholders are: BP, operator (28.8 percent), SOCAR (16.7 percent), Statoil (15.5 percent), Total (10 percent), Lukoil (10 percent), NICO (10 percent) and TPAO (9 percent).
These percentages include the recent purchases of some equity from Statoil by BP and SOCAR. Total has entered into an agreement to sell its 10% interest in Shah Deniz to TPAO.
After the transaction is over, the share of the latter in the project will be 19 percent.
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.
edited by CN