BAKU, Azerbaijan, Feb. 27
By Nargiz Ismayilova – Trend:
The volume of assets of Azerbaijan’s State Oil Fund (SOFAZ) amounted to $43.3 billion as of January 1, 2020, SOFAZ Deputy CEO Israfil Mammadov told Trend.
“On January 1, 2020, the volume of assets of the SOFAZ increased by 12.5 percent compared to January 1, 2019,” Mammadov said.
As of January 1, 2019, the volume of assets was $38.5 billion.
Mammadov noted that an increase of assets and oil revenues were higher than forecast due to income from asset management.
In 2019, the budget of SOFAZ provided for an average annual export price of crude oil at about $60. Oil prices in international markets were higher than this indicator, and the average selling price was $64. This, in turn, created favorable conditions for the effective fulfillment of the sterilization and saving functions of SOFAZ, as well as the growth of foreign exchange reserves.
The Azerbaijan’s State Oil Fund was established in 1999 with assets of $271 million.
According to the SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as for addressing important national problems.
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