Azeri oil fund assets top $30bn
BAKU – Azerbaijan’s state oil fund has announced that as of June 28 current assets of the fund reached $30.2 billion having for the first time exceeded $30 billion level, SOFAZ said.
"Increasing SOFAZ's assets is the result of successful implementation of National Oil Strategy, created by national leader Heydar Aliyev. As a result of implementation of this strategy export of hydrocarbon reserves is expanding and Fund's assets increased from $22.8 billion at the beginning of 2011 to $30 billion."
The State Oil Fund was established in 1999 and had assets of $271 million at the time.
The main purposes of the fund are accumulation of funds and placement of the fund's assets abroad to minimize the negative impact on the economy and preventing a "Dutch syndrome" to ensure savings for future generations.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!