Baku, Azerbaijan, Aug. 31
By Maksim Tsurkov - Trend:
The State Oil Fund of Azerbaijan (SOFAZ) constantly explores investment opportunities on the markets of new countries, SOFAZ told Trend.
The fund implements its investment in accordance with the rules on management of funds, which set limits on its investments (e.g. rating restrictions on currency or securities issuers), SOFAZ said.
"Further investment in a particular country may be carried out only in accordance with these restrictions," said the fund. "At the same time, we constantly explore investment opportunities on new markets. As of today, SOFAZ has investments in more than 45 countries, which indicates the high level of geographic diversification of its investment portfolio."
As of July 1, 2015, SOFAZ assets decreased by 3.56 percent compared to early 2015 ($37.104 billion) and were estimated at $35.783 billion.
SOFAZ was established in 1999 with assets of $271 million. As of July 1, 2015, SOFAZ assets decreased by 3.56 percent compared to early 2015 ($37.104 billion) and were estimated at $35.783 billion.
Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include: accumulation of resources and the placement of the fund's assets abroad in order to minimize the negative affect on the economy, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.
Edited by CN
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