BAKU, Azerbaijan, Jan,18
By Leman Zeynalova – Trend:
As of January 1, 2022, the value of Azerbaijani State Oil Fund’s (SOFAZ) assets under management amounted to $45.025 billion, increasing by 3.35 percent compared to the start of the year ($43.564 billion), Trend reports with reference to SOFAZ.
“The increase was largely due to SOFAZ’s budget revenue and managing assets. During the current period each asset class positively contributed to the overall investment portfolio return, with lion’s share of the returns coming from equity investments,” said the Fund.
The revenues from managing SOFAZ’s assets for 2021 amounted to 3.287 billion manat, which accounted for 20.56 percent of total revenues.
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, promotion of resource accumulation for future generations, and support of current social and economic processes in Azerbaijan.
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