Azerbaijan, Baku, Sept. 19 / Trend E. Ismayilov /
At present, the amount of assets of the State Oil Fund of Azerbaijan (SOFAZ) is $ 33 billion, SOFAZ executive director Shahmar Movsumov said at the conference "Oil, Gas and Media" today.
"SOFAZ assets hit $ 271 million when it was established in 1999," he said. "But the current amount of assets testifies to the tremendous growth."
He said that the establishment of SOFAZ has three main objectives, including maintaining economic stability, by accumulating the funds obtained from hydrocarbons and their gradual infusion into the economy to avoid the effect of the shock.
SOFAZ's other objectives are to preserve the funds obtained from hydrocarbons for future generations and to provide the current generation by investing in infrastructure, education and social projects, Movsumov said.
SOFAZ assets increased by 30.9 per cent as of January 1, 2012 compared to early 2011 ($22.766.8 billion) and amounted to $29.8 billion. Its funds increased by 9.6 per cent and hit $32.666 million in the first six months of 2012.
According to the forecasts, as of 2012, SOFAZ assets will reach $34 billion.