BAKU, Azerbaijan, Nov. 5
By Fidan Babayeva - Trend:
The State Oil Fund of Republic of Azerbaijan (SOFAZ) received $ 3.057 billion from January through November 1, 2020, as part of the project to develop the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea, Trend reports with reference to the fund.
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 accumulation of resources and placement of assets abroad in order to minimize the negative effect to the economy, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.
Oil supplies to the country for the first nine months of 2020 amounted to 4.3 million tons.
In the third quarter of this year, the State Oil Company of Azerbaijan (SOCAR) carried out more than 11,000 meters of drilling operations.
Meanwhile, SOCAR processed about 1.3 million tons of oil and more than 827 million cubic meters of natural gas.
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