Azeri oil fund’s assets expected at $30bn by year-end
Assets of SOFAR, the state oil fund that holds Azerbaijan’s revenues from crude exports, will amount to about $30 billion by the end of 2011, its head Shahmar Movsumov told reporters on Wednesday.
SOFAR’s assets increased by 41.6 percent as of October 1, 2011 compared to the beginning of the year to reach over $32.242 billion.
Reduction of total assets by the year-end is due to the fund’s pending transfers to the state budget.
SOFAR was established in 1999. Its objectives include accumulating funds for future generations and placing them abroad in order to minimize the negative impact on the domestic economy.
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