SOFAZ assets to increase by $1-1.5 billion

Oil&Gas Materials 24 July 2009 16:34 (UTC +04:00)

Azerbaijan, Baku, July 24 / corr Trend E.Ismayilov /

As a result of 2009, assets of the State Oil Fund of Azerbaijan (SOFAZ) will increase by $1-1.5 billion, SOFAZ Executive Director Shahmar Movsumov said to a news conference on July 24.

"If expenses targeted for 2009 are realized, SOFAZ assets are likely to increase by $1-1.5 billion," Movsumov said.

Currently, SOFAZ assets comprise $12.187 billion. SOFAZ funds are kept in US dollar (53.77 percent), euro (40.71 percent) and GBP (5.52 percent)

Assets of the SOCAR Investment portfolio contain shares of international agencies and organizations (43.29 percent), financial shares (14.02 percent) and sovereign securities and liabilities (35.73 percent)

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