SOFAZ assets to be brought up to $51 bn by end of 2022


November 28, Fineko/abc.az. The assets of the State Oil Fund of Azerbaijan (Sofaz) will reach $50.8 bn by the end of 2022.

Sofaz advisor to executive director Nargiz Nasrullayeva-Muduroglu said in an interview for journal Azeri Observer that medium-and long-term forecasts on Fund's revenues are based on the average oil price of $60 a barrel.

"According to our current forecast, by the end of 2022 Sofaz’s assets will reach $50.8 bn," she said.

The advisor stressed that although amid a sharp drop in oil prices in 2015-16 there was a decrease of Fund's assets, growth of oil prices and successful optimization of budget expenditures allowed to restore growth of assets from 2017, which now amount to $38.9 bn.