SOFAZ reveals revenues from largest oil project

Baku, Azerbaijan, June 7
By Maksim Tsurkov - Trend:

Revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the development project of Azeri-Chirag-Guneshli (ACG) block of oil and gas fields totaled $118.869 billion from early 2001 to June 1 1, 2016, SOFAZ told Trend June 7.

"The Fund's revenues from the project totaled $1.801 billion in January-May 2016, some $308 million of which accounted for May," said SOFAZ.

A contract for development of ACG block of fields was signed in 1994. The proven oil reserve of the block nears one billion tons.

The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.28 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.55 percent, Exxon - eight percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.

SOFAZ was established in 1999 with assets of $271 million.

As of April 1, 2016, SOFAZ's assets increased by 2 percent and amounted to $34.25 billion compared to early 2016 ($33.57 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 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.

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Follow the author on Twitter: @MaksimTsurkov

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