Baku, Azerbaijan, July 21
By Nargiz Ismayilova – Trend:
Total revenues of State Oil Fund of Azerbaijan (SOFAZ) from the development of Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea stood at $2.2 billion from January 1 through July 1, 2020, Trend reports on July 21 with reference to the fund.
In the reporting period, the revenues from the sale of the gas and condensate produced at Shah Deniz field made up $197 million, said SOFAZ.
Total revenues from the sale of gas from Shah Deniz field since 2007 amounted to over $3 billion as of June 1, 2020, according to the fund.
During the first six months of 2020, the revenues from the sale of the condensate produced at Shah Deniz field made up $131 million, the fund added.
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, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.
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