SOFAZ assets top $34bn
Azerbaijani state oil fund SOFAZ revenues from 2001 to December 31, 2012 amounted to $83.7 billion (67.4 billion manat), the fund told Trend news agency on Friday.
According to SOFAZ, the oil fund expenditures for the period totalled $49.6 billion (40.6 billion manat).
More than 95.5 per cent of revenues in this period accounted for the development of the Azeri-Chirag-Guneshli (ACG) oil and gas block of fields in the Azerbaijani sector of the Caspian Sea, as well as the Shah Deniz gas condensate field.
In the period from 2001 to December 31, 2012, the fund received $2 billion from the fund management, $0.4 billion from bonus payments and $0.7 billion from other sources.
Also during the period from 2008 to 2011, the fund has received $0.6 billion in dividends from the Baku-Tbilisi-Ceyhan pipeline project.
SOFAZ was established in 1999 when its assets amounted to $271 million. As of Jan. 1, 2013, SOFAZ's assets hit $34.1 billion.
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