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Forecast: SOFAZ assets wil exceed $ 10 bln during 10 years

Forecast: SOFAZ assets wil exceed $ 10 bln during 10 years

05 August 2011 14:46 (UTC +04:00)

â€œItâ€™s unknown how long the oil revenues of Azerbaijan will last. But, the revenues will decrease gradually. At present, the assets make over v$30 bln. This number is expected to exceed $ 100 bln after 10 yearsâ€œ.

Note that, according to SOFAZ forecasts, the fundâ€™s assets will make $50 bln depending on oil prices, during the next 5 years, exceed $100 bln after 15 years. Total receipts of fund made $ 50 bln during past 11 years. Interest income fro this sum made $ 1 bln. At the same time, $20 bln was allocated to infrastructure projects.

Remind that, SOFAZ income made AZN 7,925.3 mln or $ 10,002.8 mln in H1 of 2011. 96% or AZN 7,611.2 mln of income came from the sale of hydrocarbon reserves. As the result of remaining oil prices at high prices, the assets rose $7.6 bln to $ 30.4 bln during 6 months.

Note that, 50% of funds is in USD, 40% in EUR, 5% in pound-sterling and in other currencies.

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