BAKU, Azerbaijan, May 4
By Nargiz Ismayilova – Trend:
The State Oil Fund of Azerbaijan (SOFAZ) has received $1.9 billion from the project on development of the Azeri-Chirag-Gunashli (ACG) field in the Azerbaijani sector of the Caspian Sea from January 1 through May 1, 2020, Trend reports citing SOFAZ.
“Income from the sale of gas condensate produced at the Shah Deniz field from January 1 through May 1, 2020, amounted to $112 million,” the report said.
Income from the sale of gas produced at the Shah Deniz field from January 1 to May 1, 2020, amounted to $59 million.
The State Oil Fund of Azerbaijan (SOFAZ) was created in 1999. At that time, its assets amounted to $271 million.
According to the regulations on SOFAZ, 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 minimize the negative impact on the economy, the accumulation of funds for future generations and the maintenance of current socio-economic processes in the country.