In 2015 Azerbaijan’s profit from ACG totaled less than $7 billion
In 2015 incomes of SOFAZ from the Azeri-Chirag-Guneshli (ACG) project totaled $6.9 billion.
During 2014 Oil Fund received $15,118,000,000 from sale of profitable oil of the state. Therefore, during last year incomes of the Fund from the ACG project decreased by 54.4%.
The share of proceeds from the ACG in the total portfolio of incomes of the Oil Fund constitutes about 93%. Sharp reduction of SOFAZ’s incomes is connected with reduction of prices for Azerbaijani oil export by 47.5%. In 2014 average price of Azerbaijani oil was $100.9 per barrel and in 2015 – a little over $53.
From 2001 till 2015 SOFAZ received $117 billion from the ACG project implementation.
Azerbaijan received first profit from the ACG in December 1999. The Oil Fund was created at the same time. However, SOFAZ has started to work only in June 2001 and by that time its assets totaled $271 million.—0—
Economics
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