SOFAZ`s budget reaches $ 33 bln

20.09.2012 [14:31]
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Baku, September 20 (AZERTAC). “State Oil Fund of Azerbaijan (SOFAZ) was established in 1999 with start-up capital in $ 270 million. Now, its budget constitutes $ 33 bln,” SOFAZ executive director Shahmar Movsumov said at the conference "Oil, Gas and Media".

He said that the establishment of SOFAZ has three main objectives, including maintaining economic stability, by accumulating the funds obtained from hydrocarbons and their gradual infusion into the economy to avoid the effect of the shock.

SOFAZ`s other objectives are to preserve the funds obtained from hydrocarbons for future generations and to provide the current generation by investing in infrastructure, education and social projects, Movsumov said.

SOFAZ assets increased by 30.9 per cent as of January 1, 2012 compared to early 2011 ($22.766.8 billion) and amounted to $29.8 billion. Its funds increased by 9.6 per cent and hit $32.666 million in the first six months of 2012. According to the forecasts, as of 2012, SOFAZ assets will reach $34 billion.

Movsumov said Azerbaijan joined Extractive Industries Transparency Initiative (EITI) program. SOFAZ finances national projects of great significance for Azerbaijan. The Fund has financed Baku-Tbilisi-Ceyhan oil pipeline project and Baku-Tbilisi-Kars railway, Movsumov added.

SOFAZ`s budget reaches $ 33 bln

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