...

The Oil Fund head won `t transfer the fund `s currency portfolio on EURO

Business Materials 5 April 2006 15:00 (UTC +04:00)

The State Oil Fund (SOFAR) assets will stay at $1,5bln level till the end of 2006. The fund `s finances keep the same level and are not expected to grow due to the realization of the new projects, the SOFAR executive director, Samir Sharifov told journalists, Trendreports.

Sharifov has also stressed on the issue of probable transfer of the fund` s currency portfolio on EURO. We prefer to conduct a careful policy in the regards of the currency portfolio diversification onto different currencies. Therefore, we won` t change it. We can not haste in this matter as the course fluctuations might have the speculative nature, he said.

The SOCAR has balanced its portfolio last year in order to decrease its dependency on the American currency. The fluctuations may happen during the season but the final figures should correlate to them.

In accordance with the rules of currency management, the currency diversification process runs in the next manner: 55% are in dollars, 35% in EURO, 5% in pounds sterling and the remaining are in the world currency with the A ratings. The fund was much less active in transferring the finances in the other countries currencies, thus this 5% are divided among the 3 currencies (dollar, Euro, Pounds). The revenue percent from the finances management in 2006 has reached $40m. 4, 5% of it comes from the assets in American currency, 2, 5% in Euro, 4,5% in pounds. The average SOCAR revenue is expected to stay at 3, 25% level.

Latest

Latest