SOFAZ assets up by 7.6%

Baku. 28 February. REPORT.AZ/ As at the end of 2018, the assets of the State Oil Fund of Azerbaijan (SOFAZ) rose by 7.6% to $38.5 billion, SOFAZ Executive Director Shahmar Movsumov said in an interview to AZERTAG.

According to him, despite the fact that the SOFAZ revenues were expected to reach AZN 15.3 billion, expenditures at AZN 11.5 billion, and surplus at AZN 3.8 billion, SOFAZ surplus amounted to AZN 6.2 billion thanks to the oil price, which was set higher than $55 in the state budget. Thus, the SOFAZ assets rose by 7.6% to $38.5 billion from $35.8 billion in early 2018.