| Oil-rich Azerbaijan has said that it wants to start investing in overseas property during 2011 with cash from its US $26 billion state oil fund. The state oil fund holds revenues from oil contracts, oil and gas sales, transit fees and other revenues. It has so far been used to finance social spending and infrastructure projects, including construction of irrigation systems, support for refugees, and construction of the Baku-Tbilisi-Kars railway.
“We would like to direct part of our funds into new, more risky opportunities,” says Shakhmar Movsumov, the fund’s executive director..............................................Full Article: Source
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