Baku, Azerbaijan, Aug. 21
By Maksim Tsurkov – Trend:
Revenues of the State Oil Fund of Azerbaijan (SOFAZ) for the entire period of its activity amounted to over $133.5 billion, a source in the Fund told Trend, Aug. 21.
SOFAZ gets revenues both from the oil and gas sales and its investment activities.
“As of late July 2017, revenues from the assets management, for the whole period of its activity, amounted to almost $4.77 billion,” said the source. “This is, while revenues from the sale of oil and gas, as of late July 2017, amounted to $128.74 billion.”
SOFAZ was established in 1999, with initial assets worth $271 million. As of 1H2017, assets of SOFAZ have increased by 4.96 percent, as compared to early 2017 ($33.147 billion) and totaled at $34.79 billion.
Based on SOFAZ’s regulations, its funds may be used for the construction and reconstruction of the strategically important infrastructure facilities, as well as resolution of the major national problems.
The main goals of the State Oil Fund include: accumulation of the resources and placement of the Fund’s assets abroad for minimization of the negative effects on the economy; prevention of the “Dutch disease” to some extent; promotion of the resource accumulation for the future generations; support of the current social and economic processes in Azerbaijan.