Net Profit of Azerbaijan within Framework of ACG Grows by More Than 42%

For the first quarter of 2017, the revenues of the State Oil Fund of Azerbaijan (SOFAZ) within the Azeri-Chirag-Guneshli (ACG) project amounted to $ 1 billion 620 million, SOFAZ told Caspian Barrel.

It should be noted that in January-March 2016 SOFAZ revenues from ACG amounted to $ 1 billion 137 million.

That is, for the first quarter of this year, the revenues of the Oil Fund in the framework of the “Contract of the Century” increased by 42.5%. And this is due to rising oil prices. According to SOCAR, prices of BTC FOB Ceyhan oil (about 90% of oil deliveries from ACG to the world market are via the Ceyhan terminal) for the first quarter increased by more than 40%.