Baku, Azerbaijan, Apr.13
By Maksim Tsurkov - Trend:
The revenues of Azerbaijani State Oil Fund from the implementation of the Shah Deniz project from 2007 to Apr.1, 2015, stood at $2.199 billion, SOFAZ told Trend Apr.13.
SOFAZ said its revenues from the implementation of the project for development of the Shah Deniz field in the Azerbaijani sector of the Caspian Sea stood at $79.5 million in Jan.-March 2015, including $41.1 million in March.
The reserve of Shah Deniz field is estimated at 1.2 trillion cubic meters of gas. The contract for development of this offshore field was signed on June 4, 1996.
The shareholders are: BP, operator (28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Statoil (15.5 percent), Lukoil (10 percent), NICO (10 percent) and TPAO (19 percent).
The State Oil Fund was created in 1999 and its assets were equal to $271 million that time.
The assets of SOFAZ increased by 3.42 percent and exceeded $37.104 billion as of Jan.1, 2015, compared to about $35.878 billion in early 2014.
Under 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: accumulation of resources and the placement of the fund's assets abroad in order to minimize the negative affect on the economy, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.
Edited by SI
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