The State Oil Fund of Azerbaijan (SOFAZ) is planning to increase its assets by $1 billion in 2017, SOFAZ CEO Shahmar Movsumov said Oct. 12 at a press conference in Baku.
Movsumov noted that SOFAZ’s assets are forecast at the level of $34 billion in 2016.
"A balanced budget, where oil prices are considered at $40 per barrel, will be effective in 2017,” he added.
As of Oct. 1, 2016, SOFAZ’s assets increased by 6.7 percent and amounted to $35.82 billion as compared to $33.57 billion in early 2016.
SOFAZ was established in 1999 with assets of $271 million.
Based on SOFAZ’s regulations, its funds may be used for construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
SOFAZ’s main goals include: accumulation of resources and placement of the SOFAZ assets abroad to minimize the negative effect on the economy, the prevention of "Dutch disease” to some extent, securing the accumulation of funds for future generations and the support of current social and economic processes in Azerbaijan.
www.ann.az
Follow us !
