Azerbaijani State Oil Fund publicizes revenues from Shah Deniz project

Baku, Azerbaijan, March 18

By Maksim Tsurkov - Trend:

The revenues of Azerbaijani State Oil Fund (SOFAZ) from the implementation of the project for development of the Shah Deniz field in the Azerbaijani sector of the Caspian Sea totaled $2.156 billion from 2007 to Mar.1, 2015, SOFAZ told Trend on Mar.18.

SOFAZ said it received $38.4 million within the Shah Deniz project in Jan.-Feb. 2015, while its revenues within this project were $35.8 million in February.

The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field's reserve is estimated at 1.2 trillion cubic meters of gas.

The shareholders of the project are: BP, operator (28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Statoil (15.5 percent), Lukoil (10 percent), NICO (10 percent) and TPAO (19 percent).

The State Oil Fund was created in 1999 and its assets were equal to $271 million at that time.

The assets of SOFAZ increased by 3.42 percent compared to early 2014, and exceeded $37.104 billion as of Jan.1, 2015.

Under 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 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.

Edited by SI

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Follow the author on Twitter: @MaksimTsurkov

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