AZERI STATE OIL FUND ASSETS GREW 31% IN 2011 TO $29.8 BILLION
By Zulfugar Agayev
Bloomberg / Business Week
Feb 8 2012
Feb. 8 (Bloomberg) — State Oil Fund of Azerbaijan’s assets grew
31 percent last year to $29.8 billion, the fund known as Sofaz said
today in an e-mailed statement.
Sofaz, which was established in 1999 to manage state income from oil
and natural gas, had revenue of 15.6 billion manat ($19.8 billion) in
2011, of which 9.6 billion manat was transferred to the state budget.
The fund spent $179 million building houses for refugees from the war
with neighboring Armenia over the Nagorno-Karabakh region and $256
million on reconstruction of the Samur-Absheron irrigation system,
it said.
–Editors: Alex Devine, Amanda Jordan
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