BAKU, Azerbaijan, Mar.3
By Fidan Babayeva - Trend:
The State Oil Fund of Azerbaijan (SOFAZ) gained $574.54 million from Jan. 1 through Mar. 1, 2021, as part of the project to develop the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea, Trend reports referring to a source in SOFAZ.
SOFAZ was established in 1999 with assets of $271 million.
Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include the accumulation of resources and placement of assets abroad in order to minimize the negative effect on the economy, the promotion of resource accumulation for future generations, and support of current social and economic processes in Azerbaijan.
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