Azerbaijani State Oil Fund’s revenues from ACG announced
Baku, Azerbaijan, Nov.3
By Maksim Tsurkov - Trend:
The revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the project for developing the Azeri-Chirag-Guneshli block of oil and gas fields in the Azerbaijani sector of the Caspian Sea totaled $116.01 billion from early 2001 to Nov.1, 2015, SOFAZ told Trend Nov.3.
SOFAZ said its revenues from ACG stood at $5.86 billion in Jan.-Oct. 2015.
The contract for developing the ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion tons.
The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itocu - 4.3 percent and ONGC - 2.72 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 6.38 percent as of Oct.1, 2015 and totaled $34.74 billion compared to early 2015 ($37.1 billion).
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, preventing the "Dutch disease" to some extent, promoting resource accumulation for future generations and supporting current social and economic processes in Azerbaijan.
Edited by SI
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