Azerbaijan's state oil fund cuts spending for 2014

The budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for 2014 was amended by a decree of the Azerbaijani president dated April 10, 2014.

According to the decree, planned expenditures of the budget was decreased to 10.59 billion manat from 11.35 billion manat, SOFAZ said in a statement.

SOFAZ was established in 1999 to manage Azerbaijan's income from the sale of oil and natural gas. It had $36.32b of assets as of March 1.

ANN.Az