State Oil Fund’s assets grow to $15 bn in Azerbaijan

Tue 29 December 2009 14:24 GMT | 19:24 Local Time

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State Oil Fund

The assets of the State Oil Fund of Azerbaijan have risen 55 times to $15 bn within 10 years of activity.

"During SOFAZ’s creation in December of 1999 the fund’s assets made $271 mln. Through 10 years the overall volume of fund’s assets has reached $15 bn", said Shahmar Movsumov SOFAZ chief executive in his article published in official press Tuesday.

He said the Oil Fund has raised capacities in the sphere of fund’s assets management through introducing a new system and raising knowledge and skills of its employees. In the result, through ten years the overall volume of SOFAZ revenues from the assets regulation made $1 bn.

Movsumov noted that several infrastructural and social projects including reconstruction of the Samur-Absheron irrigation system, construction of the Oguz-Gabala-Baku water pipe, construction of the Baku-Tbilisi-Kars railway corridor, financing of measures to improve social state of refugees, training Azerbaijani students abroad currently continue under fund’s financing.

The head of the fund said 32 settlements have been built to implement measures to improve the social and housing conditions of refugees and IDPs.

The Oil Fund of Azerbaijan accumulates revenues from execution of oil contracts, in particular, from the sale of Azerbaijan’s profit oil, transit tariffs on oil and gas transportation via the country and state property rent and so on.

Shahmar Movsumov also announced that the State Oil Fund of Azerbaijan received dividends at $314.8 mln from the BTC pipeline functioning.

The commissioning of the BTC pipeline in 2006 (In June) created an opportunity for Azerbaijan to implement a many-variant export strategy, while the transit potential of the country has risen many times. Dividends from the BTC activity are transferred to SOFAZ and their overall volume has made $314.8 mln

Meanwhile, he noted that AZN 297.8 mln or $312.6 mln was sent to project of construction of the BTC pipeline from SOFAZ funds in 2002-2006.

Interfax-Azerbaijan

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