Azerbaijan, Baku, Oct.11 / Trend, E.Ismayilov /
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has introduced its renewed website on www.oilfund.az, which has been active since 2001, the Fund said on Tuesday.
Purpose of new design and structure of the website is to help the public to get more information about the Fund's activities, make the web site friendlier and preserve the principles of transparency that Fund ensures in its activity.
Subscription is available on the website to receive the latest news and information about the Fund.
Website operates in Azerbaijani and English languages.
SOFAZ was established in 1999; its assets amounted to $271 million.
As of Jan. 1, 2011 SOFAZ assets amounted to 22.8 billion and the Fund's current assets already hit $32 billion.
Based on SOFAZ's regulations, the funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
In 2001-2009 special attention was drawn to the development of the oil and infrastructure sectors, as well as the non-oil sector of the country. At the moment, a number of important projects in irrigation and transportation are financed at the expense of the funds.