BAKU, Azerbaijan, May 4
By Fidan Babayeva - Trend:
The volume of revenues of the State Oil Fund of Azerbaijan (SOFAZ) within the project to develop the Azeri-Chirag-Deepwater Gunashli (ACG) oil and gas field in the Azerbaijani sector of the Caspian Sea amounted to $1.4 billion from January 1 through May 1, 2021, Trend reports on May 4 citing SOFAZ.
SOFAZ was established in 1999, at that time its assets were $271 million.
According to the regulation on the SOFAZ, its funds can be used for the construction and reconstruction of strategically important infrastructure facilities, as well as for solving important national problems.
The main goals of SOFAZ are the accumulation of funds and the placement of the fund's assets abroad in order to minimize the negative impact on the economy, the accumulation of funds for future generations, and the maintenance of the current socio-economic processes in the country.
The volume of revenues of the SOFAZ within the project for the development of the ACG field in the Azerbaijani sector of the Caspian Sea amounted to $3.5 billion in 2020.
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