Long-term assets of SOFAZ exceed $1,5 bln in 2013

Photo: Long-term assets of SOFAZ exceed $1,5 bln in 2013 / Oil&Gas

Baku, Azerbaijan, June 4

By Emin Aliyev - Trend:

Assets of Azerbaijani State Oil Fund (SOFAZ) amounted to about 28,31 billion manat in 2013, compared to over 26,89 billion manat in 2012, the company's official report said on June 4.

According to the report, some 27,09 billion manat from the overall assets accounted for current assets, while about 1,22 billion - for long-term assets.

As stated in the report, SOFAZ received 13,6 billion manat (against the approved 11,48 billion manat in the fund's budget).

In turn, the fund's expenses exceeded 12,3 billion manat last year compared to 13,4 billion manat approved in the budget.

Based on SOFAZ regulations, its funds may be used for 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 placement of the fund's assets abroad in order to minimize the negative affect 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.

The official exchange rate is 0.7844 AZN/USD on June 4.

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