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SOFAZ posts 14-fold surge in assets in 6 years

SOFAZ posts 14-fold surge in assets in 6 years

13 October 2009 15:58 (UTC +04:00)

Baku. Nijat Mustafayev - APA-ECONOMICS. The State Oil Fund of Azerbaijan (SOFAZ) has announced that its assets increased by 14-fold from $815.6 million in 2003 to $11 219.2 million at the end of 2008.

SOFAZ had in total $20 000.5 million in revenue from 2001 to the end of 2008. Of this, $19 218.7 million was earned in 2003-2008.

As compared to 2003, there is an increase in proceeds from the sales of profit oil and gas.

The Fund received $18 096.6 million from the sales of profit oil and gas during 2003-2008.

Besides, SOFAZ got AZN 439.2 million from the management of assets over the past 6 years.

During this period, AZN 6 951.8 million or $8 247.8 million was spent on the socio-economic problems, the implementation of projects for construction and reconstruction of facilities strategic importance.

SOFAZ was established in 1999.

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