BAKU, Azerbaijan, July 10
By Nargiz Ismayilova – Trend:
The revenues worth $159.4 billion were transferred to the State Oil Fund of Azerbaijan (SOFAZ) from 2001 through 2019, Trend reports referring to the 2019 consolidated financial statement of SOFAZ’s operating profit.
According to the report, the main part of the funds obtained by SOFAZ was transferred to the Azerbaijani state budget in the form of transfers.
In total, SOFAZ transferred 99.9 billion manat ($58.8 billion) to the state budget from 2003 through 2019.
In 2019 alone, the State Oil Fund sent 11.4 billion manat ($6.7 billion) to the state budget through the transfers.
The return on SOFAZ’s investment portfolio amounted to 5.29 percent in 2019, said the statement.
SOFAZ’s liabilities amounted to 1.08 billion manat ($635 million) in the reporting year, which is an increase of 7.3 percent.
The State Oil Fund of Azerbaijan was established in 1999. During that period, its assets amounted to $271 million.
According to the regulation on the SOFAZ, its funds can be used for the construction and reconstruction of strategically important infrastructure facilities, as well as for solving important national problems.
The main objectives of SOFAZ are the accumulation of funds and the placement of the Fund’s assets abroad in order to mitigate the negative impact on the economy, the accumulation of funds for future generations and the support to the current socio-economic processes in the country.
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