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Sovereign Wealth Funds Briefing - Categorized | Financials, Performance

Azerbaijan’s oil fund expects growth of revenues in spite of fall of world oil prices

Posted on 06 June 2012

In spite of the fall of world oil prices, State Oil Fund of Azerbaijan (SOFAZ), forecasts increase of its revenues. SOFAZ’s Executive Director Shahmar Movsumov has reported that forecasting of oil prices at $100 per barrel in state budget for 2012 will automatically lead to growth of the Fund’s revenues.
“The Fund maintains its reporting on the basis of this price which will lead to rise of the Fund’s revenues. The Fund’s expenses will remain the same. On the whole, Azerbaijan’s state budget is resistant to oil price change process at the world market “,- Sh. Movsumov said………………………………………..Full Article: Source


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