Baku, Azerbaijan, Apr.1
By Nargiz Ismayilova – Trend:
Total revenues of State Oil Fund of Azerbaijan (SOFAZ) from the project on development of Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea stood at more than $1.6 billion from January 1 through April 1, 2020, Trend reports with reference to the fund.
The revenues from the sale of the condensate produced at Shah Deniz gas field in the first three months of 2020 stood at $100 million, said SOFAZ.
Total revenues from the sale of gas from Shah Deniz field since 2007 amounted to over $2.8 billion as of April 1, 2020, 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.
(1 USD = 1.7 AZN on Apr. 1)
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