Since 2001 till September 1, 2015 the State Oil Fund of Azerbaijan (SOFAZ) has received $115,092,000,000 from development of the bloc of oil and gas fields Azeri-Chirag-Guneshli (ACG) in the Azerbaijani sector of the Caspian Sea.
According to SOFAZ, from January to August 2015 $4.94 billion was transferred to the Fund from ACG.
SOFAZ’s incomes into ACG constituted over 93% of all proceeds of the Fund. In 2014 SOFAZ’s incomes totaled $16.2 billion, of which proceeds from ACG totaled over $15.1 billion.
The shares in the contract are distributed as following: BP (ACG operator) – 35.78%, Chevron – 11.27%, "Inpex" – 10.96%, AzACG – 11.65%, "Statoil" – 8.56%, "Exxon" – 8%, ТРАО – 6.75%, "Itochu" – 4.3% and ONGC – 2.72%.
* By July 1, 2014 SOFAZ’s assets totaled $35,783,300,000.—0—
Economics
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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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