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State Oil Fund of Azerbaijan reveals 7-month revenues from major oil, gas fields

Oil&Gas Materials 7 August 2020 13:37 (UTC +04:00)
State Oil Fund of Azerbaijan reveals 7-month revenues from major oil, gas fields

BAKU, Azerbaijan, Aug. 7

By Fidan Babayeva - Trend:

The State Oil Fund of Azerbaijan (SOFAZ) received over $2.4 billion within the project for the development of the Azeri-Chirag-Deepwater Gunashli (ACG) field in the Azerbaijani sector of the Caspian Sea from January 1 through August 1, 2020, Trend reports citing SOFAZ.

“Revenues of the Fund from the sale of gas and condensate produced at the Shah Daniz field over the reporting period amounted to $215.5 million. In total, from 2007 through August 1, 2020, SOFAZ's revenues from the sale of gas from this field made up over $3 billion,” the report said.

The report noted that the fund’s revenues from the sale of condensate produced at the Shah Deniz field from January 1 to August 1, 2020, amounted to $149 million.

The State Oil Fund of Azerbaijan was established in 1999, and at that time its assets was $271 million.

According to the regulation on SOFAZ, its funds can be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.

The SOFAZ’s main objective are: accumulation of funds and placement of the its assets abroad in order to minimize the negative impact on the economy, prevent to some extent the "Dutch disease", ensure the accumulation of funds for future generations and maintain the current socio-economic processes in the country.

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