During quarter 1, 2014 the proceeds from sale of profitable oil and gas to the State Oil Fund of Azerbaijan (SOFAZ) totaled 2,991,200,000 AZN or $3,813,400,000 (actual amount in USD transferred to the SOFAZ account).
A source from SOFAZ told Turan’s correspondent exclusively that the main part of profit came from sale of profitable hydrocarbons or at the expense of implementation of the Azeri-Chirag-Guneshli (ACG operated by BP) project. From January to March 2014 SOFAZ’s income from the project totaled $3,687,400,000. In other words, share of income from ACG in the total volume of proceeds from profitable oil and gas of SOFAZ constituted 96.69%. Share of ACG in the total income of SOFAZ constituted almost 96%.
The Shah Deniz gas condensate project (operated by BP) is the second donor of SOFAZ, which has been developing since the end of 2006. During quarter 1, 2014 $115.6 million has been transferred to SOFAZ from the project. The share of Shah-Deniz in the total volume of income constitutes only 3.14%.
This means that the two projects operated by BP ensure 99.83% of proceeds to SOFAZ.
* SOFAZ was established on December 29, 1999 and started to work in June 2001. By April 1, 2014 SOFAZ assets totaled $36,618,400,000.