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State Oil Fund of Azerbaijan foresees $14 billion for this yearend

State Oil Fund of Azerbaijan foresees $14 billion for this yearend

16 October 2009 14:05 (UTC +04:00)

Baku. Rashad Suleymanov - APA-ECONOMICS. The State Oil Fund of Azerbaijan (SOFAZ) expects its assets to grow to $14 billion at this yearend, said Shahmar Movsumov, Executive Director of SOFAZ.

According to him, the sovereign fundâ€™s assets are growing despite the global financial crisis and oil price fluctuations.

SOFAZâ€™s 2009 budget revenue and expenditure was approved at AZN 8 361 016 300 and AZN 5 319 534 900.

As at July 1, assets increased 6.35% to AZN 9 557.7 million or $11 866.4 million.

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