Assets of State Oil Fund of Azerbaijan to exceed $14bn by end of year
Azerbaijan, Baku, October 20 / Trend , N.Ismayilova /
As of October 1, the assets of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) amounted to $13.34 billion compared to $11.22 billion in the beginning of 2009, SOFAZ executive director Shahmar Movsumov said to press conference dedicated to the results of the nine months.
"Since the beginning of the year, the currency reserves of the Oil Fund increased by $2.12 billion, and according to our forecasts, by the end of the year they will reach $14.5 billion," said Movsumov.
According to Movsumov, this figure can be achieved despite that in the first half the average oil price was $35 per barrel compared to a budgeted estimate of $70 per barrel. In recent months, the average price of oil on world markets rose to $70, respectively, for three quarters this figure has already reached $54 per barrel.
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