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PWC reveals volume of Azerbaijan's SOFAZ assets

Finance Materials 10 July 2020 11:24
PWC reveals volume of Azerbaijan's SOFAZ assets

Baku, Azerbaijan, July 10

By Nargiz Ismayilova – Trend:

The assets of the State Oil Fund of Azerbaijan (SOFAZ) increased to 74.3 billion manat ($43.7 billion) this year, which is 12.4 percent more than in 2018, Trend reports citing the financial statements on SOFAZ’s operational profit for 2019, confirmed by the PricewaterhouseCoopers (PWC) international audit company.

According to the statements, in the reporting year, the current assets of the fund amounted to 70.6 billion manat ($41.5 billion), which was 13.6 percent more than a year before, while the long-term assets dropped by 5.2 percent up to 3.6 billion manat ($2.1 billion).

Meanwhile, the fund’s capital amounted to 73.2 billion manat ($43 billion), which was 12.5 percent more compared to the same period of last year. Capital investments amounted to 37.5 billion manat or $22 billion (growth of 11.4 percent).

In 2019, retained earnings made up 34.9 billion manat or $20.5 billion (up 14.1 percent), and foreign currency reserves – 776.3 million manat or $456.6 million (increase of 1.3 percent).

Moreover, the liabilities of SOFAZ amounted to 1.08 billion manat ($640 million), which was 7.3 percent more than in 2018.

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 accumulation of resources and placement of assets abroad in order to minimize the negative effect to the economy, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.

($1=1.7 AZN on July 10)

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