Azerbaijan, Baku, Dec 7 /Trend E.Ismayilov/
The volume of assets of the State Oil Fund of Azerbaijan (SOFAR) will be about $30 billion by the end of 2011, the head of SOFAR Shahmar Movsumov told reporters on Wednesday.
SOFAZ assets increased by 41.6 percent for October 1, 2011 compared to the beginning of 2011 ($22 billion 766.8 million) and amounted to $32 billion 242.5 million.
Reduction of total assets at the end of 2011 is connected with the fact that the fund yet must paid transfers to the state budget.
Movsumov noted that the budget fund formed the basis of the price of oil at $80 per barrel referring to the forecasts for 2012. Maintaining the prices at this level will allow the fund's assets to remain unchanged. If the price of oil is higher, the fund's assets will increase.
State Oil Fund was established in 1999. The main objectives of the State Oil Fund are accumulation of funds and placing fund allocation abroad in order to minimize the negative impact on the economy, preventing Dutch disease, ensuring the accumulation of funds for future generations and to maintain the current socio-economic processes in the country.