Baku, Azerbaijan, Apr. 18
By Maksim Tsurkov – Trend:
The State Oil Fund of Azerbaijan (SOFAZ) forecasts that if current oil prices are maintained and the fund’s expenditure part is fully executed, the fund’s assets as of late 2017 will remain at a stable level of last year, Shahmar Movsumov, the head of the SOFAZ, said.
He made the remarks at a press conference in Baku Apr. 18.
As of April 1, 2017, assets of the SOFAZ increased by 0.18 percent and amounted to $33.207 billion, as compared to early 2017 ($33.147 billion).
SOFAZ was established in 1999 with assets of $271 million.
Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include: accumulation of resources and the placement of the fund's assets abroad in order to minimize the negative effect on the economy, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.