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State Oil Fund of Azerbaijan targets 11-fold surge in assets

State Oil Fund of Azerbaijan targets 11-fold surge in assets

16 December 2009 10:45 (UTC +04:00)

Baku. Vahab Rzayev - APA-ECONOMICS. The State Oil Fund of Azerbaijan (SOFAZ) predicts its assets to soar to $150 billion by 2029.

According to the SOFAZâ€™s assets growth estimate schedule, its assets are forecast to grow by an average of $6-7 billion annually.

The forecast based on oil price of $50/barrel suggests the growth might be much higher in the event that crude oil price is higher on world markets.

As at October 1, 2009 the SOFAZâ€™s assets stood at $13.3 billion.

As a sovereign wealth fund, the SOFAZ was established as an extra-budgetary fund to ensure the macroeconomic stability, transparency in the management of oil revenue, and the safeguarding of resources for future generations.

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