BAKU, Azerbaijan, June 4
By Nargiz Imsayilova – Trend:
The State Oil Fund of Azerbaijan (SOFAZ) received over $2.1 billion from January 1 through June 1, 2020 within the implementation of the Azeri-Chirag-Deepwater Gunashli (ACG) field’s development project in the Azerbaijani sector of the Caspian Sea, Trend reports citing the SOFAZ.
“Revenues from the sale of gas condensate produced at the Shah Deniz field during the mentioned period amounted to $120 million. In total, SOFAZ revenues from the sale of gas from this field surpassed $3 billion from 2007 through June 1, 2020,” said the message.
Income of SOFAZ from the sale of gas produced at the Shah Deniz field from January 1 to June 1, 2020 amounted to $66 million.
The State Oil Fund of Azerbaijan (SOFAZ) was founded in 1999, at that time its amount of assets was $271 million. According to the regulations 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 SOFAZ main objectives of 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 current socio-economic processes in the country.
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