SOFAZ assets grow by 141-fold in 17 years

Baku. 28 December. REPORT.AZ/ Assets of the State Oil Fund of Azerbaijan (SOFAZ) grew by 140.7-fold in 17 years, Report informs referring to SOFAZ.

While the total assets of SOFAZ amounted to USD 270 mln. at the time of its establishment, in 2018 it already exceeded USD 38 bln.

Established 19 years ago on December 29, 1999 as a successful result of the national oil strategy laid by the national leader Heydar Aliyev, the State Oil Fund of the Republic of Azerbaijan (SOFAZ) aims at efficient management of the accumulated oil and gas revenues, and assignment of these assets to the development of advanced areas and implementation of projects of socio-economic and strategic importance.