BAKU, Azerbaijan, Sept. 2
By Zeyni Jafarov - Trend:
The value of bonds received by the State Oil Fund of Azerbaijan (SOFAZ) from the Southern Gas Corridor CJSC reached 4.9 billion manat ($2.88 billion) in 2020, increasing by 2 percent in annual terms, Trend reports citing SOFAZ's 2020 audit report.
The interest income on bonds from the Southern Gas Corridor CJSC amounted to 106.3 million manat or $62.5 million (a decline of 37.4 percent over the year), the report says.
“Along with this, the cost of bonds from the Absheron and Karabakh fields of the State Oil Company (SOCAR) equaled 897.9 million manat ($528.1 million) and 468 million manat ($275.3 million), respectively. Interest income on these bonds amounted to 41.6 million manat ($24.4 million) and 19.2 million manat ($11.3 million), respectively (14.1 percent less and 5.7 times more in annual terms),” the report noted.
SOFAZ was established in 1999 with assets of $271 million.
Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include the accumulation of resources and placement of assets abroad in order to minimize the negative effect on the economy, promotion of resource accumulation for future generations, and support of current social and economic processes in Azerbaijan.
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