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SOFAZ publicizes income from huge oil project

06 April 2017 [12:24] - TODAY.AZ

By Azernews


By Sara Israfilbayova

The State Oil Fund (SOFAZ) has publicized its overall income from the Azeri-Chiraq-Guneshli (ACG) oil and gas field in the Azerbaijani section of the Caspian Sea from the beginning of 2001 till April 1, 2017.

SOFAZ received $123.73 billion within the framework of the ACG full field development project, Trend reports. .

The Fund's income from the ACG made up $1.62 billion in January to March of 2017.

The contract for the development of the large offshore field ACG was concluded in 1994. The estimated oil reserves of the block make up roughly 1 billion tons.

ACG participating interests are BP (35.8 percent), SOCAR (11.6 percent), Chevron (11.3 percent), INPEX (11 percent), Statoil (8.6 percent), ExxonMobil (8 percent), TPAO (6.8 percent), ITOCHU (4.3 percent), ONGCVidesh Limited (OVL) (2.7 percent)

SOFAZ assets decreased by 1.27 percent as of January 1, 2017 compared to 2016 and amounted to $33.147 billion.

SOFAZ was established under the Presidential Decree, dated December 29, 1999, "On Establishment of the State Oil Fund of the Republic of Azerbaijan". 

The main purpose of the establishment of the Fund was to preserve and multiply the income derived from oil, create an excellent economic base, taking into account social needs, the requirements of economic progress and development of the country. Besides, the challenge ahead is to protect the country's economy from possible negative influences caused by the growth of foreign exchange earnings and avoidance of damage to financial discipline.

URL: http://www.today.az/news/business/160012.html

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