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Azerbaijan's SOFAZ discloses volume of revenues from ACG fields for 2020

Oil&Gas Materials 25 January 2021 13:28
Azerbaijan's SOFAZ discloses volume of revenues from ACG fields for 2020

BAKU, Azerbaijan, Jan. 25

By Fidan Babayeva - Trend:

The State Oil Fund of Azerbaijan (SOFAZ) gained over $3.5 billion in 2020, 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, Trend reports with reference 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 the accumulation of resources and placement of assets abroad in order to minimize the negative effect on the economy, the promotion of resource accumulation for future generations, and support of current social and economic processes in Azerbaijan.

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Follow the author on Twitter: @Fidan_Babaeva

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