BAKU, Azerbaijan, July 22. Investments of the
State Oil Fund of Azerbaijan (SOFAZ) in gold bars amounted to 21
billion manat ($12.35 billion) by the end of last year.
The data obtained by Trend from SOFAZ shows that this figure surged by 9.5
billion manat ($5.6 billion) or 83 percent compared to the previous
year (11.48 billion manat or $6.75 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.
