Shahmar Movsumov: About 75% of funds received by SOFAZ directed to infrastructure projects

Baku. 7 September. REPORT.AZ/ About 75% of the funds, received since the establishment of the State Oil Fund of Azerbaijan (SOFAZ) has been directed to infrastructure projects.

Report informs, The Fund's Executive Director Shahmar Movsumov said in an interview with Kazakh news agency Kazinform.

He noted that SOFAZ was established in 1999 and main source of the Fund's revenue is state-owned oil and gas sales: "The Fund has received over 130 billion USD since its creation, nearly 75% of which directed to infrastructure, development projects, 25% kept in the Fund. Currently, the Fund owns assets worth 35 billion USD. According to the law, SOFAZ does not have the right to invest in the country. All our investments are international, global, also, investment portfolio is sufficiently diversified and invested in various assets around the world".