Azeri oil fund’s assets up 31 pct in 2011
Revenues of Azerbaijan’s state oil fund Sofar amounted to over 15.628 billion manats ($20 billion), while expenses – to 9.606 billion manats ($12.315 billion) in 2011, Sofar said on Wednesday.
Most of the revenues were received from the sale of profit oil and gas. Proceeds from the implementation of oil and gas contracts made up $19.8bn, including $19.5bn received from the exports of profit oil and gas.
As of January 1, 2012, the Fund’s assets made up $29.8 billion, a 30.9 percent increase compared to early 2011.
Sofar accumulates revenues from the implementation of large-scale energy projects in Azerbaijan.
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