Azerbaijan, Baku, Sept. 21 / Trend E. Ismayilov /
The Azerbaijani State Oil Fund (SOFAZ) is planning to bring a portfolio of shares to $700 million by late 2012, SOFAZ executive director Shahmar Movsumov told media on Tuesday. The company started investing in the shares since September 2012.
"At present, the amount of SOFAZ's investments in the shares hits $200 million," Movsumov said.
According to SOFAZ investment policy for 2012, up to five per cent of its assets may be invested in the shares. Such companies as UBS Global Asset Management and State Street Global Advisors have been chosen as managers placing the investments in shares.
SOFAZ assets reached $271 million when it was established in 1999.
SOFAZ assets increased by 30.9 per cent as of January 1, 2012 compared to early 2011 ($22.766.8 billion) and amounted to $29.8 billion. Its funds increased by 9.6 per cent and hit $32.666 million in the first six months of 2012.
According to the forecasts, as of 2012, SOFAZ assets will reach $34 billion.