Azerbaijani Economy 8 august — 13:31

State Oil Fund received $143 billion from ACG

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From the beginning of 2001 to August 1, 2019, the State Oil Fund of Azerbaijan (SOFAZ) received $143.37 billion as part of realisation of the project for developing the block of oil and gas fields 'Azeri-Chirag-Guneshli' (ACG) in the Azerbaijani sector of the Caspian Sea, the Fund reports.

The report notes that from January 1 to August 1, 2019, under the ACG project, the fund received 5.16 billion dollars.

Revenues from the sale of gas condensate produced at the Shahdeniz field for the first half of 2019 amounted to $209 million. In total, from 2007 to August 1 of this year, SOFAZ revenues from the sale of gas from this field amounted to almost $2.7 billion.

The State Oil Fund was created in 1999, and at that time its assets amounted to 271 million dollars. Currently, the fund's assets amount to 42.46 billion dollars.

According to the regulations on the State Oil Fund, its funds can be used for the construction and reconstruction of strategically important infrastructure facilities, as well as for solving important national problems.

The main objectives of SOFAZ are: the accumulation of funds and the placement of the fund's assets abroad in order to minimise the negative impact on the national economy, to a certain extent prevent the 'Dutch syndrome,' to accumulate funds for future generations and to maintain the current socio-economic processes in the country.

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