SOFAZ asset management revenue forecast for 2022 unveiled

Economy Materials 6 December 2021 18:13 (UTC +04:00)
SOFAZ asset management revenue forecast for 2022 unveiled

BAKU, Azerbaijan, Dec. 6

By Khagan Isayev - Trend:

The revenues from asset management of the State Oil Fund of Azerbaijan (SOFAZ) are projected at 1.2 billion manat ($705 million) in 2022, which is by 761.8 million manat ($448 million) or 38.5 percent less than the revenues in 2020, Trend reports on Dec. 6 referring to the conclusion of the Azerbaijani Chamber of Accounts on the draft budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for 2022.

According to the conclusion, this figure exceeds the forecasted figure for 2021 by 457.1 million manat ($268.9 million) or 60.2 percent.

“The average annual return for 2022 is projected at 1.7 percent, which is by 0.61 percent more than the forecast for 2021 (1.09 percent) and by 1.4 percent less than the figure for nine months of this year (3.1 percent),” the conclusion said.

SOFAZ was established in 1999 with assets of $271 million.

Proceeding from 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 the accumulation of resources and placement of assets abroad to minimize the negative effect on the economy, promotion of resource accumulation for future generations, and support of current social and economic processes in Azerbaijan.

(1 USD = 1.7 AZN on Dec. 6)