President opens new building of State Oil Fund

By: Nigar Orujova

Azerbaijan’s President Ilham Aliyev and his spouse Mehriban Aliyeva attended the opening of a new administrative building of the State Oil Fund on December 29.

The head of state cut the ribbon symbolizing the official inauguration of the building, and then reviewed it.

The building include an auditorium, conference and meeting halls, a winter garden, Petroleum lounge, a library and treasury. All rooms and halls are supplied with modern equipment.

A museum on the second floor presents photo stands reflecting Azerbaijan’s oil history, national leader Heydar Aliyev’s oil strategy, the activity of the State Oil Fund, including the projects it financed.

A state-of-the-art Data Center was created in the building. Building Control System was applied here for the first time in Azerbaijan.

The facility meets green building standards. Solar panels were installed here.

SOFAZ, an entity that accumulates and manages Azerbaijan’s oil and gas revenues, was established in 1999 with an asset worth $271 million.

The main goals of the fund include accumulation of revenues, investment of assets abroad to minimize negative impacts on economy, prevention of the ‘Dutch disease’, ensuring savings for future generations, and maintaining the current social and economic standards in the country.

The asset of SOFAZ increased by 4.86 percent as of July 1, 2014 compared to early 2014 reaching to over $37.622 billion.