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Sovereign Wealth Funds Briefing - Categorized | Financials, Performance

Azeri State Oil Fund assets grew 14.5pct to $34.1 bln in 2012

Posted on 22 January 2013

Azerbaijan’s State Oil Fund, known as Sofaz, said its assets grew 14.5 percent last year to $34.1 billion as of Jan. 1. Sofaz, established in 1999 to manage the Caspian Sea nation’s income from sales of oil and natural gas, transferred $12.6 billion to Azerbaijan’s state budget, according to a statement e-mailed by the Baku-based fund today.
The fund channeled $382 million to fund construction of housing for people displaced by the war with neighboring Armenia over the Nagorno-Karabakh region, according to the statement. It invested $255 million in reconstruction of the Samur-Absheron irrigation system and spent $152 million on the Baku-Tbilisi- Kars railway project, Sofaz said………………………………………..Full Article: Source


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