SOFAZ announces total revenues for 12 years

SOFAZ announces total revenues for 12 years Since the establishment of the State Oil Fund of Azerbaijan (SOFAZ) up until March 31, 2012, the Fund received $70.8 billion in revenues, SOFAZ head Shahmar Movsumov said in an interview published by the Respublika newspaper yesterday. SOFAZ was established in 1999 and then its assets amounted to $271 million. According to Movsumov, $32.4 billion (45.7 per cent) of the total revenues of the fund were directed towards accumulation. “At... Read More

Terms of Nabucco construction maybe changed

Terms of Nabucco construction maybe changed The construction of Nabucco gas pipeline project, which is designed to transport gas from the Caspian region and Midlle East to the European countries may start in 2015, Bloomberg reported with the reference to Austrian OMV’s gas head Hans-Peter Floren. “Should the owners of the BP Plc-led Shah Deniz field in Azerbaijan make a decision on whom to award its gas next year, construction could start in 2015 and be completed in... Read More