Azerbaijan oil fund to cut transfers to state budget

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.