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SOFAZ expects assets to reach $14.5 billion at yearend

SOFAZ expects assets to reach $14.5 billion at yearend

20 October 2009 16:43 (UTC +04:00)

Baku. Vahab Rzayev - APA-ECONOMICS. The State Oil Fund of Azerbaijan (SOFAZ) expects assets to grow to $14.5 billion by the yearend, said Shahmar Movsumov, Executive Director of SOFAZ.

According to him, the SOFAZ might see a deficit in its revenue forecast for this year because its budget was built on the oil price forecast of $70 a barrel while the average oil price was $54.

At the same time, expenditure of SOFAZ is also declining, he added.

As at October 1, SOFAZ posted its assets at $13.338 billion.

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