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