Spent nearly two-thirds of the SOFAR

January 1, 2001 to September 1, 2014, the State Oil Fund of Azerbaijan (SOFAR) as part of a project to develop oil and gas fields block Azeri-Chirag-Gunashli (ACG) field in the Azerbaijani sector of the Caspian received $ 105 billion 802 million.

According to the State Oil Fund, for the first eight months of the year along this line the Fund received $ 10 billion 770 million. By the second half of the year, SOFAR assets, increasing 4.86% as of 1 January, totaled $ 37 billion 622.4 million. This means the rest over 68 billion USD has been spent.

The contract for the development of the ACG, the proven oil reserves of which are approximately 1 billion tons, was concluded in 1994. Participation in the contract is distributed as follows: BP (operator of the Azeri-Chirag-) – 35.78%, Chevron – 11.27%, Inpex – 10.96%, AzACG – 11.65%, Statoil – 8.56 %, Exxon - 8%, TPAO – 6.75%, Itochu – 4.3% and ONGC – 2.72%.

According to the provision of funds under the disposal of the President, its funds may be used for the construction and reconstruction of critical infrastructure and to address important national problems. The main objectives of SOFAR are: accumulation of funds and placement of the fund's assets abroad in order to minimize the negative impact on the economy, to prevent, to some extent, "Dutch disease", to ensure the accumulation of funds for future generations and maintain the current socio-economic processes in the country. --17D-