Resources of Azerbaijan's State Oil Fund exceed $40M

Resources of Azerbaijan's State Oil Fund exceed $40M

BAKU, Azerbaijan, Dec. 29

Trend:

Having started operations with $271 million assets, State Oil Fund of Azerbaijan (SOFAZ) now has resources exceeding $40 billion, Trend reports referring to the fund.

Since the foundation of the Fund until November 30, 2019, the fund received about $158.4 billion,$151.5 billion of which is the income related with implementation of oil and gas projects, and $6.9 billion is the income received from the management of funds, according to the report.

One of the important projects financed by SOFAZ is the State Program on Education of Azerbaijani Youth Abroad in 2007-2015. Within the framework of this program, about 3,500 young people got the opportunity to study at the most prestigious universities in 32 countries of the world, which is the largest investment of Fund aimed at further development of the country, as well as the growth of staff potential. In total, the fund spent $9.4 billion on the implementation of all these projects, said the fund.

One of the main objectives of the fund is the effective allocation of collected funds taking into account possible risks and ensuring their sustainable income for future generations. The fund's main purposes in this direction is the creation of a diversified global investment portfolio, designed for the long term.

Currently, assets included in the Fund's diversified investment portfolio are kept in financial assets such as bonds, shares, real estate and gold denominated in dollars, euros, British pounds and other currencies in more than 50 countries.

Presently, the SOFAZ is a shareholder of more than 1,600 largest companies in the world only through stocks quoted on the stock exchange.

SOFAZ possesses commercial real estate in various countries of the world. These are buildings located in London, Moscow, Paris, Tokyo, Seoul, EU, Asia and Pacific regions.

Since start of its activities, SOFAZ, which adheres to the principles of transparency and accountability, has been internationally recognized, including by many reputable organizations in the world.

The State Oil Fund of Azerbaijan was established in 1999 with the purpose of collecting and effectively managing the revenues from the implementation of oil and gas projects and ensuring their safety for future generations.

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