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SOFAZ revenues exceed expectations

6 July 2015 17:19 (UTC+04:00)
SOFAZ revenues exceed expectations

The assets of Azerbaijan’s state oil fund SOFAZ exceeded 29.28 billion manat as of 2014 compared to about 28.31 billion manat in 2013, the SOFAZ report audited by PriceWaterhouseCoopers Audit Azerbaijan reads.

some 25.62 billion manat of the total assets accounted for the current assets, but about 3.66 billion manat – long-term assets.

According to the report, SOFAZ received 12.73 billion manat in 2014 (compared to the projected figure of 11.63 billion manat). SOFAZ’s expenses exceeded 10.1 billion manat in 2014 compared to 10.6 billion manat envisaged in the budget.

As of December 31, 2014, some 55.97 percent of SOFAZ’s investment portfolio are in US dollars (49.45 percent in 2013), 35.49 percent - in euros (41.6 percent in 2013), 4.35 percent - in pounds sterling (4.47 percent in 2013).

The State Oil Fund was created in 1999 and its assets were equal to $271 million that time.
Under SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.

The main goals of the State Oil Fund include: accumulation of resources and the placement of the fund's assets abroad in order to minimize the negative affect on the 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.

The official exchange rate is 1.049 AZN/USD July 6.

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