The State Oil Fund of Azerbaijan (SOFAZ) received $78.8 billion between 2001-December 31, 2012 for the development of the Azeri-Chirag-Guneshli gas fields (ACG) in Azerbaijan's sector of the Caspian Sea, SOFAZ told Trend on Friday.

As stated by the fund, the bulk of the Oil Fund's proceeds account for the ACG project.
The Azeri-Chirag-Guneshli contract on full field development was signed in 1994.

Participants of the project to develop Azeri-Chirag-Guneshli are: BP (operator, 35.83%), Chevron (11.27%), Inpex (10.96%), AzACG (11.6%), Statoil (8.56%), Exxon (8%), TPAO (6.75%), Itocu (4.3%) and Hess (2.72%). Hess sold its share to Indian ONGC, the transaction will be completed during the first quarter of 2013.

As stated by SOFAZ, revenues received by the fund from the development project of the Shah Deniz gas condensate field amounted to $1.2 billion between 2007 and December 31, 2012.

The contract on the development of the off shore Shah Deniz field was signed on 4 June 1996. Shah Deniz's participating interests are: ?? (operator, 25.5%), StatoilHydro (25.5%), SOCAR (10%), LukAgip (10%), NICO (10%), Total (10%), and TPAO (9%).

SOFAZ's total revenues amounted to $ 83.7 billion (67.4 billion Manat) between 2001 and December 31, 2012, while expenses hit $49.6 billion (40.6 billion manat).

As of late 2012, SOFAZ's assets totaled $34.1 billion.

SOFAZ was established in 1999 when its assets amounted to $271 million. As of Jan. 1, 2013, SOFAZ's assets hit $34.1 billion.

The main purposes of the fund are the accumulation of funds and the placement of these fund's assets abroad to minimize negative trends in the economy by preventing 'Dutch disease'. This ensures savings for future generations and the continuity of the country's current socio-economic standard.

/Trend/