Assets in Azerbaijan's state oil fund rose more than fourfold in 2008 to 9 billion manat($11.2 billion) on the back of high oil prices, the fund's director, Shahmar Movsumov said Wednesday.
Reserves in the fund, meant to cushion the economy from any future drop in oil revenues, last year totaled AZN11.9 billion.
The fund spent AZN4.3 billion last year on government projects, including social programs and infrastructure projects.
Movsumov said the fund plans this year's budget on a $70 a barrel oil price, which would result in revenues of about $14 billion.
Under a $50 a barrel oil price scenario, revenues will be between $9 billion and $10 billion, Movsumov said.
A mainly Muslim country wedged between Russia and Iran, ex-Soviet Azerbaijan is a key partner in projects to deliver Caspian Sea energy reserves to the West through oil and gas pipelines to Turkey, bypassing Russia.