Azerbaijani State Oil Fund reveals revenues from Shah Deniz project

Baku, Azerbaijan, June 30
By Maksim Tsurkov - Trend:

The revenues of the Azerbaijani State Oil Fund (SOFAZ) as a result of implementing the Shah Deniz development project totaled $2.278 billion since 2007 to June 1, 2015, SOFAZ told Trend June 29.

SOFAZ said its revenues from Shah Deniz project stood at $158.2 million in January-May 2015, including $42 million in May.

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 are: BP, operator (28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Petronas (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 that time.

The assets of SOFAZ dropped by 5.86 percent and exceeded $37.104 billion as of Apr.1, 2015, compared to about $34.931 billion in early 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 CN

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Follow the author on Twitter: @MaksimTsurkov

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