BAKU: The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has transferred more than 152 billion manats to the country’s state budget as of October 1, 2024. This significant financial contribution underscores the fund’s role in supporting Azerbaijan’s fiscal framework.

According to Azeri-Press News Agency, SOFAZ reported that it transferred 9.585 billion manats to the state budget from January to September 2024 as part of its annual budget implementation. Additionally, the assets of SOFAZ saw a 10% increase by September 30, reaching 61.697 billion US dollars, compared to the beginning of the year.

SOFAZ was established on December 29, 1999, as a special institution tasked with the collection, management, and preservation of oil and gas revenues for future generations. The fund operates independently from the state budget and upholds transparency as a core principle of its operations. Over the years, SOFAZ has grown into an international financial entity, maintaining a high level of institutional develop
ment.