SOFAZ received more than $650mn from ACG in January

In January 2018, revenues to the State Oil Fund of Azerbaijan (SOFAZ) within the framework of the Azeri-Chirag-Gunashli (ACG) block amounted to $ 651.6 million.

According to the Fund, in addition to this, in January from the ACG project participants SOFAZ also received $ 450 million bonus payments for the contract extension until 2050.

In general, from 2001 to February 1,2018, within the framework of the ACG project implementation, SOFAZ received $129 billion 137 million.

It should be noted that in 2018, revenues to the Oil Fund from the ACG project are projected at $5 billion 194.8 million. The forecast was made at the average export price of Azerbaijani oil at $45 per barrel.