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Shahmar Movsumov: SOFAZ’s assets close to $ 42,5 bln.

23 October 2019 12:07 (UTC +04:00)

The assets of State Oil Fund of the Republic of Azerbaijan (SOFAZ) is about to reach $ 42,5 bln., Executive director of SOFAZ Shahmar Movsumov said during the meeting with the members of American Chamber of Commerce in Azerbaijan (AmCham Azerbaijan), APA-Economics reports.

Spoking about the mission and aims of the Fund, Sh. Movsumov stated that the mission of SOFAZ is to collect revenues obtained from depleted natural resources and transformation into constant income of present and future generations of Azerbaijani people.

The American Chamber of Commerce in Azerbaijan (AmCham Azerbaijan) hosted another members’ luncheon.

The honorable Guest Speaker of this month – Mr. Shahmar Movsumov, Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ), spoke on the activities aimed at improving this sector in the country and the issues remaining high on its agenda. Around a hundred AmCham members and partners attended the event, including representatives of diplomatic corps.

Mr. Movsumov started his speech talking about the mission and goals of the SOFAZ. He noted that the mission of the SOFAZ is to collect revenues from depleted natural resources and make it a permanent source of income for the current and future generations of Azerbaijani people. He also said that the main objectives of the SOFAZ are to maintain macroeconomic stability in the country, equally distribute income from depleted natural resources between generations and accumulate resources for future generations, as well as investing in the social and economic development of the country.

Mr. Movsumov also touched upon the management structure and legal framework of the SOFAZ. In addition, the positive contribution of SOFAZ to the economy and the state budget throughout the activity was highlighted during the presentation. S.Movsumov also informed the participants about Baku-Tbilisi-Ceyhan, Baku-Tbilisi-Kars, STAR Oil Refinery, Southern Gas Corridor, Reconstruction of the Samur-Absheron irrigation system, construction of Oguz-Gabala-Baku water pipeline, and other local and foreign projects financed by SOFAZ.

The Executive Director of the SOFAZ also presented thorough information about the investment portfolio of the SOFAZ. He noted that the volume of assets of the SOFAZ is approaching $ 42.5 billion. “The State Oil Fund implements a very conservative investment policy. Since 2012, however, the Fund has begun to implement a variety of new types of assets, raised shares and invested in real estate and gold. We will continue to work to increase the risky assets in the future, " he added.

Besides, the Luncheon highlighted several member presentations.