The revenues of the State Oil Fund of Azerbaijan (SOFAZ) for the entire period of activity have reached $133.5 billion.

SOFAZ reported that at the end of July 2017, the revenues from the management of the Fund's assets for the entire period of activity amounted to almost $4.77 billion, while revenues from the sale of profitable oil and gas amounted to $128.74 billion.

SOFAZ revenues are formed both through investment activities and through revenues from the sale of oil and gas.

Assets of SOFAZ increased by 4.96 percent in the first half of 2017, as compared to the beginning of 2017 ($33.147 billion) and amounted to $34.79.

SOFAZ was established under the Presidential Decree, dated December 29, 1999, "On Establishment of the State Oil Fund of the Republic of Azerbaijan". 

The main purpose of the establishment of the Fund was to preserve and multiply the income derived from oil, create an excellent economic base, taking into account social needs, the requirements of economic progress and development of the country. Besides, the challenge ahead is to protect the country's economy from possible negative influences caused by the growth of foreign exchange earnings and avoidance of damage to financial discipline.

AzerNews, 22.08.17