Baku, Azerbaijan, May 24
By Maksim Tsurkov - Trend:
The revenues of the State Oil Fund of Azerbaijan (SOFAZ) for the entire period of activity amounted to $126.2 billion, said Ziya Kangarli, SOFAZ's chief investment adviser.
Kangarli made the statement during a forum entitled "The fall in oil prices and economic reforms: challenges and opportunities", held in the Khazar University May 24.
Kangarli said that SOFAZ's revenues are generated from two sources, namely, directly through proceeds from the sale of oil and asset management.
"The expenses amounted to about $92 billion for the entire period of SOFAZ's activity," he said. "The structure of these expenses consists of operating costs with a minimal share, project financing and transfers to the state budget.
SOFAZ was created in 1999 and its assets were equal to $271 million at that time. As of April 1, 2016, SOFAZ assets increased by two percent compared to early 2016 ($33.57 billion) and were estimated at $34.25 billion.