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Azerbaijan Oil Fund`s assets reached $43.3 bn

27.02.2020,15:47


February 27, Fineko/abc.az. Assets of the State Oil Fund of Azerbaijan (SOFAZ) reached $43.3 bn, stated in an interview SOFAZ executive director Israfil Mammadov.

He noted that if in early 2019 Fund's assets totaled to $38.5 bn, the indicator grew by 12.5% up to $43.3 bn as of 1 January 2019.

"Oil prices on international markets last year were higher than the average annual export price ($60) in the SOFAZ budget ($64). This, in turn, created favorable conditions for the effective implementation of SOFAZ’s sterilization and accumulation functions, and for increasing foreign exchange reserves. The growth of Fund's assets was also conditioned by the high forecast of oil revenues, including at the expense of income received from the management of SOFAZ finances," Mammadov emphasized.