SOFAZ reveals profits from major projects

By Azernews

By Laman Ismayilova

Azerbaijan’s state oil fund SOFAZ has revealed the volume of profits it received from the major energy projects.

SOFAZ has made a profit of 2,506 billion from the Shahdeniz gas field project since 2007, Azertac reported.

The Fund earned $64 million from this gas field in the first seven months of 2016. No profit has been made since July.

Revenues of SOFAZ from the project of development of the Azeri-Chirag-Guneshli (ACG) block of oil and gas fields totaled $122.109 billion from early 2001 to January 1, 2017.

SOFAZ said its revenues from the ACG project totaled $5.1 billion in 2016.

SOFAZ, which is engaged in accumulation and management of oil and gas revenues of the country, was established in 1999 with assets of $271 million.

Based on SOFAZ's regulations, its funds may be used for construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems. 

SOFAZ revenues for 2017 was approved at  8,370 billion manats and expenditures at 14,484 billion manats.