SOFAZ assets reach $20 bln

Baku, October 22 (AzerTAc). The assets of the State Oil Fund of Azerbaijan (SOFAZ) have reached $20 billion in 2010 as of September 2010. The assets are forecast to hit $50 billion in the next 5 years. The Fund`s reserves have increased 10-fold over the past three years, said SOFAZ CEO Shahmar Movsumov during the meeting of the Cabinet of Ministers dealing with the results of the socio-economic development over the past nine months in 2010 presided over by President Ilham Aliyev.