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State Oil Fund of Azerbaijan posts 30-fold surge in assets

State Oil Fund of Azerbaijan posts 30-fold surge in assets

26 January 2010 16:55 (UTC +04:00)

Baku. Vahab Rzayev - APA-ECONOMICS. The State Oil Fund of Azerbaijan (SOFAZ) has announced that its assets increased from $491.5 million in 2001 to $14 900.4 million at the end of 200, said Shahmar Movsumov, Exeuctive Director of SOFAZ.
According to him, SOFAZ achieved an over 30-fold surge in assets over the period of 10 years.

As a sovereign wealth fund, the SOFAZ was established at the end of 2009 as an extra-budgetary fund to ensure the macroeconomic stability, transparency in the management of oil revenue, and the safeguarding of resources for future generations. It launched operation in 2000.
The highest rate of growth in assets was seen in 2008 when oil output and price soared.
The Fundâ€™s expenditure for the past decade also changed in a similar trend:

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