Azerbaijan`s State Oil Fund to invest in VTB instruments

15.11.2012 [20:51]
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Baku, November15 (AZERTAC). The State Oil Fund of Azerbaijan (SOFAZ) is negotiating with Russia`s VTB Bank on purchasing of some products, SOFAZ head Shahmar Movsumov said.

He noted that SOFAZ considers not only one bank for ruble purchasing. Stressing there is more variants Movsumov said that SOFAZ began buying of Turkish lira and Australian dollar.

The SOFAZ began investing in assets denominated in Russian rubles on October 19, 2012. At present, SOFAZ`s investment portfolio includes only short-term deposit in the Russian "Gazprombank" to the amount of 3 billion rubles ($ 100 million).

The currency structure of SOFAZ`s investment portfolio is determined as follows: 50 percent of the assets can be placed in U.S. dollars, 40 percent -- in euro and 5 percent -- in pounds sterling. The remaining 5 percent of the total value of SOFAZ`s investment portfolio may be represented in the currencies of the "G7" countries, the countries with long-term ratings at least "A" (Standard and Poor`s, Fitch Ratings) and "A2" (Moody `s), Russia and Turkey.

Azerbaijan`s State Oil Fund to invest in VTB instruments

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