The State Oil Fund of Azerbaijan (SOFAZ) received $2.39 billion from the implementation of the project for development of Shah Deniz gas and condensate field in the Azerbaijani sector of the Caspian Sea from 2007 to Oct.1, 2015, SOFAZ told local news agency.
SOFAZ said it has received $274 million within the Shah Deniz project in Jan.-Sept. of 2015.
The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field’s reserve is estimated at 1.2 trillion cubic meters of gas.
The shareholders are: BP, operator (28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Petronas (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 decreased by 3.56 percent and exceeded $35.783 billion as of July 1, 2015, compared to over $37.104 billion in early 2015.
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.