State Oil Fund of Azerbaijan prepares to change investment program
Baku, Fineko/abc.az. The State Oil Fund of Azerbaijan is preparing the proposals for changes in management with its assets.
SOFAZ executive director Shahmar Movsumov says that the Fund’s investment program will be considered anew.
“Currently we are preparing the suggestions for diversification of our assets and after their readiness we will submit them to the Supervisory Board and then for consideration of he President of Azerbaijan. After the proposals are endorsed thre investment rules will be changed and new investment assets will be used. It will mean large revenues and simultaneously great risks. We will also draw foreign managers,” Movsumov said.
As of 1st January 2010, SOFAZ investment portfolio totaled $14.819 bn with overall assets for $14.9 bn.
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