Azerbaijan State Oil Fund assets exceed $30bn

Wed 06 July 2011 09:07 GMT | 14:07 Local Time

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State Oil Fund

Current assets of the State Oil Fund reached USD 30,2bn.

The State Oil Fund of the Republic of Azerbaijan announces that as of June 28, 2011 current assets of the State Oil Fund reached 30,2bn USD dollars having for the first time exceeded 30bn USD dollars level.

Increasing SOFAZ’s assets is the result of successful implementation of National Oil Strategy, created by national leader Heydar Aliyev.

As a result of implementation of this strategy export of hydrocarbon reserves is expanding and Fund’s assets increased from 22,8 billion at the beginning of 2011 up to 30 billion USD dollars.

Increase of reserves of Azerbaijan should be regarded as strengthening of the economic power of the country, as well as, accelerating of development of the country in all spheres.

APA

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