Azerbaijan State Oil Fund’s long-term assets exceed $ 1 billion in 2012

Photo: Azerbaijan State Oil Fund’s long-term assets exceed $ 1 billion in 2012 / Economy news

Azerbaijan, Baku, July 17 / Trend E.Ismayilov/

The assets of the State Oil Fund of Azerbaijan (SOFAZ) hit 26.9 billion manat in 2012 compared to over 23.5 billion manat in 2011, SOFAZ reported today.

According to the report, about 26.01 billion manat of the total amount of assets fell to current assets and about 876.63 million manat - long-term assets.

SOFAZ received 13.72 billion manat compared to 13.67 billion manat in 2011, the report said. SOFAZ's expenses hit 10.75 billion manat last year compared to 10.57 billion manat in 2011.
SOFAZ was established in 1999. Its assets hit $271 million during that period.

Under the company's policy, the funds may be used for construction and reconstruction of strategically important infrastructure projects, as well as for settlement of important national issues. From 2001 to 2009, special attention was focused on the development of both the oil sector and the infrastructure of the non-oil sector of the country as well. At present, SOFAZ funds a number of strategic projects in the field of irrigation and transport.

The main purposes of the fund are: the accumulation of funds and placement of the fund's assets abroad to minimise the negative impact on the economy and prevent 'Dutch syndrome', to ensure savings for future generations and to maintain the current socio-economic standards of the country.

The official exchange rate is 0.7844 AZN/USD on July 17.

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