SOFAZ Investment Program for 2013 approved

31.12.2012 [13:54]
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Baku, December 31 (AZERTAC). The Investment Program (directions of spending) of the State Oil Fund of Azerbaijan (SOFAZ) for 2013 was approved by President Ilham Aliyev`s decree on December 30.

The main directions of SOFAZ`s spending includes financing events to improve social welfare of refugees and IDPs, transfer to the State Budget, reconstruction project of the Samur-Absheron water supply system, Baku-Tbilisi-Kars railway project, State Program on education of young Azerbaijanis abroad and construction of fiber-optic network.

SOFAZ will also finance construction of oil-gas, chemical complex, “STAR” oil refinery in Turkey, TANAP and modern floating rigs in the Caspian Sea.

The main purpose of the program is to maximize the protection of the Fund from capital loss risk in 2013.

The basket of currencies of the Fund’s investment portfolio for 2013 was endorsed with the following structure: 50% in U.S. dollars, 40% in euros, and 5% in British pounds. Another 5% can be invested in other currencies (Turkish Lira, Russian Ruble, etc.).

SOFAZ Investment Program for 2013 approved

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