TODAY.AZ / Business

SOFAZ receives around $101 billion over 13 years

05 June 2014 [18:00] - TODAY.AZ
The State Oil Fund of Azerbaijan (SOFAZ) earned more than $101 billion between 2011-2013, according to SOFAZ`s activities report last year.

Over the last 13 years, about two-thirds (64 per cent, or $64.23 billion) of the fund's income was channelled towards investments. Meanwhile, the remaining 36 percent of SOFAZ's resources ($35.88 billion) were used for resource accumulation.

The volume of the fund's income amounted to $17.33 billion in 2013, which is slightly lower than in 2012 ($17.41 million). " The decrease is explained by the increased volume of expenditures of the State Oil Fund," the report said. Some 9.5 percent of revenue used for resource accumulation last year.

The State Oil Fund was established in 1999, with a total net worth of $271 million.

Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure and facilities, as well as solving important national problems. In 2001-2009 the organization channelled funds to development Azerbaijan's oil and non-oil sectors. Currently, a number of strategically important projects in irrigation and transport areas are being financed by SOFAZ.

The fund's main goals include accumulating resources and placing of the Fund's assets abroad in order to minimise any negative affect on Azerbaijan's economy (by the phenomenon known as 'Dutch disease'), promoting resource accumulation for future generations, and supporting for current social and economic processes in Azerbaijan.

The official exchange rate on June 4 is 0,7844 AZN / USD.


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