SOFAZ Assets Reach $2bln

Oil&Gas Materials 7 August 2007 16:25 (UTC +04:00)

Azerbaijan, Baku /corr. Trend I.Khalilova / The State Oil Fund of the Republic of Azerbaijan announces that as of August 3, 2007 current assets of the State Oil Fund reached 2064,3 million US dollars having for the first time exceeded 2 billion US dollars level.

Current increase of the Fund's assets up to 2 billion US dollars level against 270 million US dollars start up balance in 2001, shall be regarded as successful realization of the oil strategy, created by national leader Heydar Aliyev.

As a result of the measures undertaken by the President Ilham Aliyev the role of the State Oil Fund in development of the national economy, tackling of social and economic problems, as well as financing of the strategic state programs and projects grows gradually every year. Thus, during 2001-2007 the Fund spent 2,5billion US dollars to finance social and economic projects and programs, as well as made transfers to the state budget.