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Yield on SOFAZ assets will fall in 2008

18 September 2008 15:55 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. The yield on assets offered by the State Oil Fund of Azerbaijan (SOFAZ) for management will nor be as high in 2008 as it was in last year.
Shahmar Movsumov, the Executive Director of the SOFAZ, said the yield rate of assets given to foreign operators for management will be known exactly at the end of this year.
â€œThe yield will be a bit lower than last year, bur this decline will not be so remarkable,â€ he noted.
The yield on assets was 5.04% on average and 8.28% on USD assets last year.
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.
SOFAZ expects to achieve a 30% increase in assets to USD 13 billion by the end of 2008 and a 40% rise to USD 18 billion in 2009.