The contract for developing the Shah Deniz offshore field was signed on June 4, 1996. The field’s reserve is estimated at 1.2 trillion cubic meters of gas.
The shareholders are: BP, operator (28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Petronas (15.5 percent), Lukoil (10 percent), NICO (10 percent) and TPAO (19 percent).
The State Oil Fund was created in 1999 and its assets were equal to $271 million that time.
The assets of SOFAZ dropped by 6.38 percent as of Oct.1, 2015 and totaled $34.74 billion compared to early 2015 ($37.1 billion).
Under SOFAZ`s regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include: accumulation of resources and the placement of the fund`s assets abroad in order to minimize the negative affect on the economy, preventing the "Dutch disease" to some extent, promoting resource accumulation for future generations and supporting current social and economic processes in Azerbaijan.
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