SOFAZ reveals revenues from ACG, Shah Deniz
Baku, Azerbaijan, Aug. 8
By Leman Zeynalova – Trend:
Total revenue from the project for development of Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea since 2001 stood at $143 366 million as of July 31, 2019, Trend reports citing Azerbaijan’s State Oil Fund (SOFAZ).
The revenues from ACG between January 1, 2019 and July 31, 2019 amounted to $5 160 million, according to the Fund.
The revenues from the Shah Deniz condensate sale between January 1, 2019 to July 31, 2019 stood at $209 million, said SOFAZ.
Total revenue for the sale of gas from Shah Deniz since 2007 amounted to $2 703 million as of July 31, 2019, according to the Fund.
SOFAZ was established in 1999 with assets of $271 million.
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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