SOFAZ announces revenues from Azerbaijan’s biggest oil project
Baku, Azerbaijan, Nov. 7
By Azad Hasanli - Trend:
From early 2001 and until November 1, 2018, the State Oil Fund of Azerbaijan (SOFAZ) received $136.782 billion as part of the project to develop the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea, a source in SOFAZ told Trend Nov. 7.
“In January-October 2018, SOFAZ received $8.296 billion within the ACG project,” said the source.
The contract for developing the ACG field was signed in 1994. A ceremony to sign a new contract on development of the ACG block of oil and gas fields was held in Baku Sept. 14, 2017.
The new ACG participating interests are as follows: BP - 30.37 percent; AzACG (SOCAR) - 25 percent; Chevron - 9.57 percent; INPEX - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; ITOCHU - 3.65 percent; ONGC Videsh Limited (OVL) - 2.31 percent.
SOFAZ was established in 1999 with assets of $271 million. As of October 1, 2018, SOFAZ’s assets increased by 8.88 percent as compared to early 2018 ($35.806 billion) and amounted to $38.987 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 placement of assets abroad in order to minimize the negative effect to the economy, 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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