Azerbaijani State Oil Fund’s assets increase by 42.5 times for last 10 years

Photo: Azerbaijani State Oil Fund’s assets increase by 42.5 times for last 10 years  / Oil&Gas

Azerbaijan, Baku, Set. 18 / Trend E. Aliyev /

The assets of the State Oil Fund of Azerbaijan (SOFAZ) from 2003 to 2013 increased by 42.5 times, SOFAZ told Trend on Tuesday.

At present, the amount of SOFAZ's assets hits $34.68 billion. For comparison, SOFAZ's assets hit $0.82 billion in 2003.

The biggest growth was registered in 2008. SOFAZ's assets increased by 4.53 times (or by $8.74 billion) and hit $11.22 billion as of late 2008. For comparison, as of 2007 SOFAZ's assets hit $2.48 billion.

SOFAZ was established in 1999, and its assets at that time amounted to $271 million.
SOFAZ's assets reached $34.129.4 billion as of 2012.

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 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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