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Oil Fund of Azerbaijan has earned its first $1 billion from assets management

Baku, Fineko/abc.az. The accumulated assets of the State Oil Fund of Azerbaijan (SOFAZ) will reach the size of country’s annual GDP in the medium-term perspective.

Yesterday at the Cabinet Ministers session presided by President Ilham Aliyev SOFAZ executive director Shahmar Movsumov stated that by 1 October the Fund earned its first $1 billion from the management of their assets in the entire history of SOFAZ existence.

"Today, Fund’s assets total $20 billion, and over the last 3 years increased 10-fold. Accumulation of the assets will continue, and within 5 years they will reach $50 billion," Movsumov said.

 

 


21.10.2010 09:10


   
Tags: SOFAZ


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