SOFAZ assets jump
By Gulgiz Dadashova
Azerbaijan’s state oil fund SOFAZ which is in charge of accumulating and managing the country's oil and gas revenues, announced about the increase in its assets.
The fund reported that its assets increased by 3.42 percent as of January 1, 2015, compared to $35.877 billion in early 2014 and exceeded $37.104.
SOFAZ revenues totaled 12.731 million manats while budget expenditures constituted 10.117, 2 billion manats.
Revenue of 12.343, 8 billion manats was received from the implementation of oil and gas agreements, including 12.319, 8 billion manats from the sale of profit oil and gas, 8.9 million manats as transit payments, 13.3 million manats as bonus payments. Revenues from payments per acre in the first half of 2014 amounted to 1.7 million manats, revenues from the sale of assets transferred by foreign investors stood at 0.1 million manats.
SOFAZ was established in 1999 with assets of $271 million.The main goals of SOFAZ include accumulation of resources and placement of the Fund's assets abroad in order to minimize the negative affects on economy, the prevention of 'Dutch disease' to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.
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