Azeri State Oil Fund Assets Grew 14.5% to $34.1 Billion in 2012Zulfugar Agayev
Azerbaijan’s State Oil Fund, known as Sofaz, said its assets grew 14.5 percent last year to $34.1 billion as of Jan. 1.
Sofaz, established in 1999 to manage the Caspian Sea nation’s income from sales of oil and natural gas, transferred $12.6 billion to Azerbaijan’s state budget, according to a statement e-mailed by the Baku-based fund today.
The fund channeled $382 million to fund construction of housing for people displaced by the war with neighboring Armenia over the Nagorno-Karabakh region, according to the statement. It invested $255 million in reconstruction of the Samur-Absheron irrigation system and spent $152 million on the Baku-Tbilisi-Kars railway project, Sofaz said.