World Financial Crisis not Lead to Fall in SOFAZ Income (video)

Azerbaijan, Baku, 19 September/ Trend , corr E. Ismayilov/ "The crisis in world financial markets will not affect income of the State Oil Fund of Azerbaijan (SOFAZ), on the contrary, SOFAZ income is expected to surpass forecast figures," Shahmar Movsumov, executive director of the Fund said.

"The crisis in financial markets has affected large financial organizations which have been operating for 100 to 150 years. Some of them are on the brink of bankruptcy. But SOFAZ is always conservative about management of its assets and we place our finds in the high-rating securities. In a period of crisis, such securities are in high demand and their price goes up. SOFAZ only benefits from it," Movsumov said.

The fall in oil prices showed appropriateness of a conservative approach in working up of the budget. The price of oil is fixed at $70 per barrel in budget estimations while it was $50 last year, he said.

"Te fall in oil prices up to $100 a barrel showed accuracy of this approach. At present, SOFAZ income exceeds AZN 10bln. It is expected to reach AZN 13bln by the end of the year," he said.

However, drop in prices of securities in world markets will affect SOFAZ income.

"According to our estimations and information provided by the Norway Oil Fund, the losses total to 3% to 4% since the beginning of the year," Movsumov said.

The stock market of US has fell by 16% to 17% and that of Europe - 20%. The fall in the securities market of Russia made up 54% since the beginning of the year. It points to serious crisis and many funds and organizations try to handle the crisis, he said.

""Oil fund of Azerbaijan will complete 2008 with success even if the income will be less than that of last year," he said.

The correspondent can be contacted at: [email protected]

Italy's retail sales climb higher in October, pushed by demand for electronic equipment
Italy's retail sales climb higher in October, pushed by demand for electronic equipment
France's daily COVID-19 infections continue to fall
France's daily COVID-19 infections continue to fall
Arab League welcomes Kuwait's efforts to "heal Arab rifts"
Arab League welcomes Kuwait's efforts to "heal Arab rifts"
Loading Bars
Latest
Italy's retail sales climb higher in October, pushed by demand for electronic equipment
Iran's UNESCO envoy urges condemnation of assassination of Iranian scientist
France's daily COVID-19 infections continue to fall
Embassy of Japan in Georgia reveals volume of trade turnover between two countries
Arab League welcomes Kuwait's efforts to "heal Arab rifts"
World Bank grants Morocco 400-mln-USD loan
Azerbaijan slows down imports of Turkish-made leather goods
Additional costs could add up to 2.8 billion dollars, Tokyo 2020 says
Trump to withdraw most troops from Somalia as part of global pullback
UK, EU call in leaders to save trade talks
Palestinian teen killed by Israeli forces in protest
Azerbaijan discloses volume of liabilities in banking sector
Heydar Aliyev Center, Flame Towers and Baku Olympic Stadium illuminated with Azerbaijani flag (PHOTO)
NY Times publishes article on the fate of Ciraqli village during Karabakh conflict
South Africa's second largest crude refinery shutdown after blast
1st China-bound freight train departs on 12-day journey from Istanbul
Chip shortages could slow automotive production, VW and suppliers say
Russia, India kick off joint naval drills in Indian Ocean
NCDC to study COVID-19 reinfection cases
Turkey reports over 32,736 new COVID-19 cases
Azerbaijan unveils funds value received by Armed Forces Relief Fund as of December 1
Kazakhstan, Russia agree on measure to restore ecosystem of transboundary rivers
Iran reveals its COVID-19 data for December 4
Kazakhstan's coal extracting venture to buy spares via tender
French activists protest against Amazon's expansion
Azerbaijani, Bulgarian FMs discuss bilateral cooperation
Azerbaijani public reveres memory of martyrs of Karabakh conflict (PHOTO)
Electricity Market Concept Design defines gradual retail market opening in Georgia
Import of rice by Azerbaijan up
Baku Metro opens tender to buy tire connections
French parliament loses ability to be serious partner – Turkish Grand National Assembly
Investments in Georgian Poti Free Industrial Zone diversified by regional countries
Iran's next years budget unlikely to improve economy - Head of Parliament Plan and Budget Commission
Azerbaijan raises value of imports from Lithuania in 10M2020
Big foreign IT companies entering Georgia's market
Azerbaijan's Compulsory Insurance Bureau compensating bankrupted insurer's creditors
Georgia sees increase in tangerines export
Azerbaijan shows video footage from Yanshag village of Kalbajar district (VIDEO)
EDB, KazakhExport to jointly insure exports of insulated cars from Kazakhstan
Georgian Chamber of Commerce working on several projects to help SMEs
Azerbaijan's irrigation company to finance power supply of crop areas
Turkmenistan builts new mosque in Afghanistan's Akina town (PHOTO)
Azerbaijani, Latvian FMs exchange views on current situation in region
International organizations aim to finance road construction and repair in Georgia
Georgia sees increase in imports of dairy products
Azerbaijan unveils 10M2020 railway export operations
EDB to fund investment projects in priority sectors of Kazakhstan Development Bank
Azerbaijani FM receives Belarusian ambassador amid completion of his diplomatic mission (PHOTO)
Azerbaijani Foreign Ministry delivers diplomatic note to French ambassador
Global debt to hit $200 trillion - S&P Global
Turkmengas opens tender for purchase of general equipment
Ankara honors memory of Azerbaijan's martyrs (PHOTO)
First Vice-President Mehriban Aliyeva: We will never forget Patriotic War martyrs (PHOTO)
Azerbaijan applies Lithuanian company's hotel management system project
“Ural Airlines” to take citizens of the Russian Federation out of Azerbaijan
Serbia to pay off loan received from Azerbaijan for road construction
Turkish export cargo to China to pass through Port of Baku
Uzbekistan Airways resumes flights to Kazakhstan’s Nur-Sultan
SOCAR Ukraine's aviation fuel imports for November
Surge in COVID-19 cases reported at Kazakhstan's Tengiz oil field
Turkish president supports Azerbaijani counterpart’s recommendation to France
SOCAR expands its activities in Ukraine
Iran – UK trade could improve by money transfer facilities
Turkey records more Uzbek companies in 10M2020
Budget of Georgia Ministry of Regional Development and Infrastructure to be highest
Rostelecom increases capacity of Uzbektelecom's access to Russian segment of Internet
Central Bank of Azerbaijan eyes to raise funds on Bloomberg trading platform
Azerbaijan was rooting for us – National gymnastics team member (PHOTO)
Azerbaijan ramps up goods exports via stationary transport
UAE’s activity on Turkmenistan’s exchange in November
Azerbaijan confirms 4,267 new COVID-19 cases, 2,566 recoveries
Kazakhstan Development Bank to co-op to promote EAEU integration
Karabakh to become ecotourism center of regional importance - Association of Hotels and Restaurants of Azerbaijan
Oil moves up towards $50/bbl after OPEC+ supply compromise
Number of COVID-19 infections in Russia increases by 27,403 in 24 hours
Turkish minister to get acquainted with construction progress of Kars logistics center
International law firms enter Georgian market
EU urges countries to keep COVID in check over festive season
Baku cathedral parishioners honor memory of martyrs of Azerbaijan's Patriotic War (PHOTO)
Bank of Israel intervenes in foreign exchange market
Turkey, Iran commemorating Azerbaijani martyrs of Patriotic War
Uzbekistan’s volume of media market up in 2021
Kazakhstan, Russia agree on steps to expand co-op in geology
Iran-Iraq Joint Trade Commission to be established soon
Karabakh can become leading IT Hub in South Caucasus, says Azerbaijani analyst
Kazakhstan to launch manufacturing of Russian anti-COVID vaccine before year-end
Ganja honors memory of martyrs of Azerbaijan's Patriotic War (PHOTO)
Substantial NATO-Georgia Package updated at meeting of NATO Ministers of Foreign Affairs
Belonging of Nagorno-Karabakh region determined upon relevant UN Security Council’s resolutions - press secretary of Russian president
UNHCR reveals details of joint meeting with Turkmenistan to end statelessness
Kazakhstan ups trade with Turkey for 10M2020
EBRD reduces its equity stake in Georgian TBC Bank
TAP to hold market test to double capacity
Second Karabakh war - brightest page in national memory of Azerbaijan, says Russian cleric
Azerbaijan presents musical composition commemorating martyrs of Patriotic War (VIDEO)
Amnesty International unveils photo proof of Armenian-inflicted damage in liberated Kalbajar (PHOTO)
Iran to increase revenue by development of gas transmission
Energy Commission of Iranian Chamber of Commerce discusses oil revenue forecast
9 Azerbaijani gymnasts return from European Championships with medals - head coach
Ukraine to continue supporting Azerbaijan's territorial integrity
All news