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Sovereign Wealth Funds Briefing - Categorized | Financials, Performance

Oil Fund of Azerbaijan succeeded in keeping over half of revenues received in 10 years

Posted on 08 December 2011

Receipts of State Oil Fund of Azerbaijan (SOFAZ) have risen from $ 500 million up to over $32 bn since 2001. SOFAZ’s Executive director Shahmar Movsumov has stated that less than half of receipts received by the fund have been spent.
“In 2010-11 SOFAZ’s receipts made $63,8 bn. During this period the expenditures made $29,7 bn and the rest is kept in Fund budget and are being managed on transparency principle “,- Sh. Movsumov said………………………………………..Full Article: Source


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