BAKU, Azerbaijan, July 28
By Zeyni Jafarov - Trend:
The State Oil Fund of Azerbaijan (SOFAZ) received over $2.35 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 to July 1, 2021, Trend reports citing SOFAZ.
The SOFAZ report says that from 2001 until July 1, 2021, SOFAZ's revenues from this field amounted to $151.7 billion.
“Revenues from the sale of gas and condensate produced at the Shah Deniz field in the first half of 2021 amounted to $70.9 million. In total, from 2007 to July 1, 2021, SOFAZ's revenues from the sale of gas from this field exceeded $3.7 billion,” the fund noted.
The report noted that revenues from the sale of condensate produced at the Shah Deniz field in the first half of 2021 amounted to $57.1 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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