Azeri oil fund to invest in Russian, Turkish assets
Sofar, Azerbaijan’s state oil fund that holds proceeds from crude exports, has been authorized to invest in Russia and Turkey’s assets, according to Azerbaijani President Ilham Aliyev’s orders.
The presidential decree, issued on Thursday, introduced changes to the rules on holding, placing and managing Sofar’s currency reserves, which were enacted in 2001.
Previously, Sofar could invest in the assets of G7 countries – USA, Germany, UK, France, Italy, Canada and Japan as well as the European Union member states. The fund could also place funds in assets held in the currencies of countries with a long-term credit rating no less than "A" from Standard & Poor's and Fitch and "A2" from Moody's.
Sofar’s investment portfolio is forecast at 19.4 billion manats (over $24.8 billion) in 2011.
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