In 2015 incomes of SOFAZ from the Shah Deniz gas project totaled $323 million.
Turan reported that during 2014 the Oil Fund received $523 million from sale of natural gas and condensate extracted from the Shah Deniz field. Thus, during last year the Fund’s incomes from the Shah Deniz decreased by $200 million or by 38.2%.
Reduction of the state’s profit from the Shah Deniz field, which are accumulated in the Oil Fund, are connected not only with reduction of gas prices. Last year the companies have started a wide-scale development of the Shah Deniz Phase 2 project. The shareholders’ expenses in the project have increased. According to the government’s forecasts, in 2018 capital costs of the Shah Deniz Phase 2 project will be high and the incomes of the Oil Fund will not be as high as they were before.
According to SOFAZ, from 2001 to 2015 the Oil Fund received $2.4 billion from the Shah Deniz project implementation.
* The Shah Deniz Phase 1 project started in November 2006 and gas export started in early July 2007—0—
Economics
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