BAKU, Azerbaijan, July 23. The State Oil Fund of Azerbaijan (SOFAZ) had invested 53,000 manat ($31,200) in derivative financial instruments.
The data obtained by Trend from the Fund shows that this figure dropped by 2.1 billion manat ($1.26 billion) or 41.5 times compared to the previous year (2.2 billion manat or $1.3 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.
