Azerbaijani State Oil Fund submits draft state budget-2014 for approval
Baku, Azerbaijan, Nov. 29
By Emil Ismayilov - Trend:
At a regular meeting, the Supervisory Board of Azerbaijani State Oil Fund (SOFAR) submitted the draft state budget for 2014 for the approval of the Azerbaijani president, a message published by SOFAR said on Nov.29.
According to the message, projects for the main direction of use for SOFAR's funds, including the investment policy, as well as estimates of primary expenditures were also submitted for the approval of the Azerbaijani president at a meeting held under the leadership of the chairman of the Fund's Supervisory Board, Prime Minister of Azerbaijan Artur Resizade.
During the meeting, the Fund's income was determined that the volume of 11,626,943,400 manat, expenditure - 11,349,934,800 and expenditure on managing the fund - 58,140,000 manat are reflected in SOFAR's draft budget.
The State Oil Fund was founded in 1999 and during that time assets amounted to $271 million. As of October 1, 2013, the assets of the Oil Fund amounted to $809.2 million.