Baku, Azerbaijan, April 11
By Maksim Tsurkov – Trend:
Assets of the State Oil Fund of Azerbaijan (SOFAZ) increased by about $2 billion in 1Q18, SOFAZ Executive Director Shahmar Movsumov told reporters in Baku April 11.
He said that oil prices are at a higher level than in the Fund’s forecast.
“This, of course, will affect the funds that SOFAZ will receive until the end of the year. The volume of this growth depends on oil prices. If prices remain at the same level as in the first quarter, then revenues will be high,” Movsumov noted.
The budget of the Oil Fund was projected at an oil price of $45 per barrel for 2018 as compared to $40 per barrel in 2017.
SOFAZ budget revenues are expected to total 11.56 billion manats in 2018.