OREANDA-NEWS. On June 04, 2008 The State Oil Fund of the Republic of Azerbaijan announced that current assets of the State Oil Fund reached 5050 million US dollars having for the first time exceeded 5 billion US dollars level, reported the press-centre of SOFAZ.

As a result of successful implementation of the National Oil Strategy, export of hydrocarbon reserves is expanding each year, and thus, contribute to the increase of the state financial reserves. Current increase of the Fund’s assets up to 5 billion US dollars level against 270 million US dollars start up balance in 2001, shall be regarded as successful realization of the oil strategy, created by national leader Heydar Aliyev.

As a result of the measures undertaken by the President Ilham Aliyev the role of the State Oil Fund in development of the national economy, tackling of social and economic problems, as well as financing of the strategic state programs and projects grows gradually every year.