BAKU, Azerbaijan, Sept.6
By Zeyni Jafarov - Trend:
The State Oil Fund of Azerbaijan (SOFAZ) received over $3.4 billion within the project to develop the Azeri-Chirag-Deepwater Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea from January 1 through September 1, 2021, Trend reports citing SOFAZ.
According to SOFAZ, from 2001 until September 1, 2021, its revenues from ACG exceeded $152.8 billion.
Revenues from the sale of gas and condensate produced at the Shah Deniz field as of September 1, 2021, amounted to over $130.1 million. In total, from 2007 SOFAZ's revenues from the sale of gas from this field exceeded $3.7 billion, the fund noted.
Besides, revenues from the sale of condensate produced at the Shah Deniz field as of early August 2021 amounted to $57.13 million.
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, promotion of resource accumulation for future generations, and support of current social and economic processes in Azerbaijan.
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