Azerbaijan oil fund to cut transfers to state budget
18.12.2015 18:00
Azerbaijan’s state oil fund (SOFAZ) will cut transfers to the national budget next year to maintain assets.
SOFAZ will provide 6 billion manats to the state budget in 2016, down from 10.38 billion manat this year, the fund said in a statement.
The fund saw its assets decline to $33.8 billion as of Dec. 10 from $34.7 billion on Oct. 1.
The sovereign oil fund was established in 1999 to manage Azerbaijan's income from oil and gas sales.
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