| Azeri state oil fund SOFAZ expects less revenue this year than envisioned and a lower assets valuation due to falling oil prices, but will continue to support the country's ailing manat currency, its deputy CEO said on Tuesday. The Caucasus nation of about 10 million people relies on oil and gas exports to cover 75 percent of its revenues, but the oil price nosedive has triggered a plunge in the manat.
In a budget approved earlier, SOFAZ, a $34 billion sovereign wealth fund, projected revenue of $4.2 billion in 2016. "Taking into account that the average price of oil is expected to be lower than the budget assumption of $50 per barrel, (our) revenues are expected to be lower for 2016," deputy CEO Israfil Mammadov said in an e-mailed answer to Reuters questions...............................................Full Article: Source
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