State Oil Fund
The State Oil Fund of the Republic of Azerbaijan announces that as of June 28, 2011 current assets of the State Oil Fund reached 30,2bn USD dollars having for the first time exceeded 30bn USD dollars level.
Increasing SOFAZ’s assets is the result of successful implementation of National Oil Strategy, created by national leader Heydar Aliyev.
As a result of implementation of this strategy export of hydrocarbon reserves is expanding and Fund’s assets increased from 22,8 billion at the beginning of 2011 up to 30 billion USD dollars.
Increase of reserves of Azerbaijan should be regarded as strengthening of the economic power of the country, as well as, accelerating of development of the country in all spheres.