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SOFAZ funds increase 62 times

Oil&Gas Materials 13 July 2011 19:26
During 2001-2011, the State Oil Fund of Azerbaijan (SOFAZ) has received $56.5 billion, 53.8 percent ($30.4 billion) of which has been directed towards accumulation.
SOFAZ funds increase 62 times

Azerbaijan, Baku, July 13 /Trend, A.Akhundov/

During 2001-2011, the State Oil Fund of Azerbaijan (SOFAZ) has received $56.5 billion, 53.8 percent ($30.4 billion) of which has been directed towards accumulation, the SOFAZ Executive Director Shahmar Movsumov said in an interview published on the official website of the ruling New Azerbaijan Party.

"In 2001, SOFAZ funds totaled $491.5 million, for 10 years they have grown 62 times and reached $30.4 billion," said Movsumov. According to him, coming prospects suggest that SOFAZ funds will grow from year to year.

"So, all the generations in Azerbaijan, currently living and future, will be able to use the oil wealth of the country," said Movsumov.

According to him, SOFAZ carries out a conservative investment strategy that reflects the current situation in global financial markets. "Most of the funds has been invested in securities with high ratings and liquidity. This strategy justified itself during the global financial crisis," said Movsumov.

However, he said, given the changes in financial markets and to invest in more risky and profitable instruments such as equities, real estate, SOFAR is at the last stage of preparing proposals to diversify its investment portfolio.

"We hope that the new diversified investment strategy will be approved later this year. Investing assets in equities will be possible after the adoption of these proposals," said Movsumov.

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