SOFAR Executive Director Shahmar Movsumov: “Today, the most important issue is to save the funds”

SOFAR Executive Director Shahmar Movsumov: “Today, the most important issue is to save the funds”
# 17 January 2013 08:38 (UTC +04:00)

Baku. Nijat Mustafayev – APA-Economics. On the background of European financial crisis, State Oil Fund of Azerbaijan’s main goal is to save the currency stocks, said the SOFAR Executive director Shahmar Movsumov.

According to him, SOFAR has never faced such of loss, even got funds during the financial crisis: “Today, the most important issue is not to earn, but to save the earned funds that, the Fund does it easily”.

He also reminded that at present, 50% of SOFAR’s currency stocks is in USD, 40% - in Euro, 5% - in pound sterling, 5% - in other currencies.

Speaking about Fund’s transfers to state budget and state projects, Movsumov also stated that SOFAR will continue to finance several projects in 2013. At the same time, it will allocate funds to new projects, such as Star Oil Refinery in Turkey, TANAP project, oil-gas-chemistry complex, construction of floating plant in Caspian Sea: “At the same time, we’ll continue to finance the State Program on education of Azerbaijani youths in abroad during 2007-2015. To note that, the Fund will allocate AZN 34 mln in 2013 within the State Program, while it was AZN 20 mln in 2012”.

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