SOFAZ to receive about $200 billion

Oil&Gas Materials 11 March 2010 10:09 (UTC +04:00)

Azerbaijan, Baku, March 10 / Trend N.Ismayilova / 

The State Oil Fund of the Azerbaijan Republic (SOFAZ) expects to receive some $200 billion income in the next 15 years, SOFAZ Executive Director Shahmar Movsumov said in a speech at the trade and investment forum "The UK in Azerbaijan" in London March 8. The forum was organized with the support of the Middle East Association and the International Bank of Azerbaijan.

"In the next 15 years, SOFAZ is likely to receive about $200 billion in income at current prices, and we have plans to diversify funds in subsequent years in riskier assets, but one of the most important investments is education," he added.

According to the official, the fund is financing a special education program allowing Azerbaijani citizens to receive an education in the world's best universities.

"We believe that education is the main area for economic diversification. Knowledge and skills are the most important things that Azerbaijan needs," he said.

He added that the UK could help diversify the Azerbaijani economy by having its companies share their knowledge and skills.

"Azerbaijan is now a net exporter of capital and it will become an importer of knowledge and skills," he added.