02.01.2015 - Assets of the State Oil Fund of Azerbaijan (SOFAZ) estimated at the level of $37 bn
According to SOFAZ, over 15 years SOFAZ has become an internationally recognized organization. Establishment of SOFAZ is a successful result of the national oil strategy laid by National leader Heydar Aliyev. As a part of the National Oil Strategy, the State Oil Fund was established by the Decree of Heydar Aliyev in 1999, with the aim of efficient management of the accumulated oil and gas revenues, and assignment of these assets to the development of advanced areas and implementation projects of social-economic importance. Since its establishment, the State Oil Fund has carried out significant measures to achieve the defined goals, which were successfully implemented. The volume of SOFAZ assets amounted to USD 270 mln. at the time of establishment and it has exceeded USD 37 bln. as of December 29, 2014...............................................Full Article: Source
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