Only 36 % of the funds directed to the accumulation of SOFAR

The State Oil Fund of Azerbaijan (SOFAR) received in the aggregate (2001-2013 years) $ 101 billion.

The report on the fund’s financial performance last year said this amount of just over a third (36%) was directed to the accumulation and the rest (64%) was used for various purposes, including transfers to the state budget. Thus, in the years 2003-13 budget holes were "patched" by infusion of reserve 46 billion 435 million manats (11.35 billion occurred in the last year).

Last year, the fund added $ 17 billion 329.2 million, of which only 9.5 % of the funds were directed to the accumulation (for comparison - in 2012 the accumulation of funds was directed 24.9% or $ 17 billion 405.4 million).

SOFAR assets by the end of last year were $ 35 billion 877.5 million (5.12 % per year). Most of the fund’s assets (90%) accounted for securities with a stable income. Profitability of the investment portfolio was 1.77 %. In 2007-2013 the average yield of the portfolio of the Fund was 2.46 % per year.

The Oil Fund of Azerbaijan, in which only the manager is the head of state, was created in 1999. It accumulates revenues from the sale of oil contracts, in particular from the sale of profit oil, transit tariffs for the transportation of oil and gas across the country, from the lease of state property, etc. - 17D-

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