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The Bank Of New York Will Keep Securities of SOFAZ

Business Materials 1 November 2006 18:50 (UTC +04:00)

The State Oil Fund of Azerbaijan (SOFAZ) plans to forward whole portfolio of its securities to be kept by the Bank of New York, Trend reports. These services will be provided on base of the recently concluded contract for provision of custodial services, SOFAZ Executive Director Shahmar Movsumov told a press-conference on November.

One of the main goals in holding the tender was the transition to the global custodian. It is a specific service for the management of investments, finances and securities, Movsumov said.

According to the Ernst & Young report, regarding financial condition of SOFAZ, for December 31, 2005, the investment portfolio of FOFAZ in the securities amounted to AZN 2 520,278 (39,2% of gross assets of the Fund).

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