Azerbaijan, Baku, Aug. 26 /Trend, E.Ismayilov/
Upon forecasts, in 2011, the State Oil Fund of Azerbaijan will transfer to the state budget $12 billion with this year's forecasts on total assets in amount of more than $31 billion, the head of the Fund Shahmar Movsumov said on Friday. Accordingly, the annual growth in assets of SOFAZ will exceed 36 percent.
These forecasts are made under continuation of high oil prices.
As a result half year, the SOFAZ assets increased 33.3 percent compared to the beginning of this year ($22.766.8 billion) and amounted to $30.357.5 billion.
Oil Fund revenues in the first half year amounted to 7.827.2 billion manat, expenses - 2.593.1 billion manat.
The Fund received most of the revenues from the sale of profit oil and gas. The incomes from implementation of oil contracts totaled 7.692.2 billion manat, including from the sale of profit oil and gas - 7.518.1 billion manat, from transit payments - 3.8 million manat.
The State Oil Fund was established in 1999 and had assets of $271 million at the time.
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.
The main purposes of the fund are: accumulation of funds and placement of the fund's assets abroad to minimize the negative impact on the economy, preventing a "Dutch syndrome" to ensure savings for future generations and to maintain the current socio-economic standard in the country.