State Oil Fund of Azerbaijan increases manat assets in 2015
Baku, Azerbaijan, June 30
By Maksim Tsurkov – Trend:
The assets of the State Oil Fund of Azerbaijan (SOFAZ) exceeded 52.11 billion manats in 2015 as compared to about 29.28 billion manats in 2014, reads a consolidated financial statement for 2015 posted on SOFAZ official website.
SOFAZ’s consolidated financial statement was audited by PricewaterhouseCoopers Audit Azerbaijan LLC.
According to the consolidated financial statement, 44.37 billion manats of the total assets accounted for current assets, while 7.74 billion manats accounted long-term assets.
SOFAZ received 7.72 billion manats in 2015 (compared to the projected 10.25 billion manats).
SOFAZ's expenses exceeded 9.19 billion manats in 2015 as compared to 11.81 billion manats envisaged in the budget, according to the consolidated financial statement.
The State Oil Fund was created in 1999 and its assets were equal to $271 million that time.
Under SOFAZ's regulations, its funds may be used for 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 effect on the economy, 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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