Baku, Azerbaijan, June 12
By Anvar Mammadov – Trend:
Assets of the State Oil Fund of Azerbaijan (SOFAZ) exceeded 58.77 billion manats in 2016 as compared to 52.12 billion manats in 2015, said a consolidated financial statement for 2016 posted on SOFAZ’s official website.
The financial statement was audited by PricewaterhouseCoopers Audit Azerbaijan LLC.
According to the consolidated financial statement, 49.83 billion manats of the total assets accounted for current assets, while 8.94 billion manats accounted for long-term assets.
SOFAZ received 9.41 billion manats in 2016, compared to the projected 4.58 billion manats.
SOFAZ's expenses exceeded 9.02 billion manats in 2016 as compared to 10.67 billion manats envisaged in the budget, according to the consolidated financial statement.
The State Oil Fund was created in 1999. Its assets were $271 million that time. As of April 1, 2017, SOFAZ’s assets increased by 0.18 percent compared to early 2017 and amounted to $33.207 billion.
Under SOFAZ's regulations, its funds may be used for construction and reconstruction of strategically important infrastructure facilities, as well as for 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.