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State Oil Fund of Azerbaijan predicts 7-fold growth in assets by 2010

18 September 2008 10:57 (UTC +04:00)

Shahmar Movsumov, the Executive Director of the SOFAZ, said the fire-caused shutdown of Baku-Tbilisi-Ceyhan Pipeline in August ruled out the probability of hoped-for assets growth to USD 14 billion by the year-end.
He added that assets are projected to grow by about 40% to USD 18 billion in 2009, a 7-fold rise on the end of 2007.
SOFAZ posted its current assets at USD 10.216 billion as at September 4, 2008, above USD 10 billion for the first time.
As a result of expansion of development and export strategy of hydrocarbon reserves, the assets grew by 4 times from the level of USD 2.5 billion over the eight months of this year.
As at September 1, the National Bank of Azerbaijanâ€™s official foreign exchange reserves reached USD 5.3 billion, up 32.4% on January 1.
That is to say, the countryâ€™s total strategic currency reserves reached USD 15.5 billion for the first time ever.