12:47 - 22.01.2024

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January 22, Fineko/abc.az. As of January 1, 2024, the State Oil Fund (SOFAZ) transferred finances for totally AZN 143.15 bn to the State Budget.

ABC.AZ reports with reference to the State Oil Fund that SOFAZ transferred AZN 11.737 bn to the State Budget last year as part of its budget implementation for 2023.

At the end of 2023, SOFAZ's assets increased by 14.3% (or $7 bn) compared with earlty 2023 ($49.03 bn) up to $56.069 bn.

SOFAZ was founded on December 29, 1999. The Fund is a specialized institution that ensures the collection, effective management and storage of oil and gas revenues for future generations. SOFAZ is an extra-budgetary, separate state institution. Transparency is one of the main principles of SOFAZ functioning. During this period, SOFAZ has developed at high institutional level, turning into an international financial organization.