Baku, Azerbaijan, Dec.27
By Emil Ismayilov - Trend:
The revenues of the State Oil Fund of Azerbaijan (SOFAZ) for the entire period of its activity totaled $117.2 billion, SOFAZ head Shahmar Movsumov told Trend.
The State Oil Fund was created in 1999 and its assets were equal to $271 million that time.
Movsumov said that the total expenditures of SOFAZ for the entire period of its activity amounted to $80.1 billion.
The assets of SOFAZ increased by 3.98 percent and exceeded $37,305,300,000 as of October 1, 2014, compared to early 2014 (around $35,877,500,000).
Under 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 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.
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