Oil fund’s assets expected to hit $50bn over five years: official
Assets of Sofar, the state oil fund that holds Azerbaijan’s revenues from crude exports, are expected to reach $50 billion over the next five years, Executive Director Shahmar Movsumov told Russia’s Moskovsky Komsomolets newspaper.
Movsumov said in the interview that the figure is predicted to reach the $50bn mark provided that the current world crude prices stay the same and the fund’s spending remains at this year’s level.
Sofar’s assets increased 41.6 percent in January-September 2011 to around $32.242bn.
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