BAKU, Azerbaijan, July 22. Investments of the State Oil Fund of Azerbaijan (SOFAZ) in shares amounted to 22.7 billion manat ($13.36 billion) by the end of last year.
The data obtained by Trend from SOFAZ shows that this figure grew by 3.2 billion manat ($1.9 billion) or 16.5 percent compared to the previous year (19.5 billion manat or $11.46 billion).
Established in 1999 with assets amounting to $271 million at the time, SOFAZ is an extrabudgetary fund that operates as a distinct legal entity, independent of the government or central bank. SOFAZ protects and judiciously administers energy-derived revenues for current and forthcoming generations. A fundamental principle of SOFAZ is transparency. During this era, the Fund has evolved institutionally and attained international recognition as an asset management organization.
