SOFAR to invest in VTB

The State Oil Fund of the Azerbaijani Republic (SOFAR) has already deposited 3 billion rubles (about $100 million) in Gazprombank and plans to allocated more in VTB, SOFAR President Shakhmar Movsumov said, Trend reports.

SOFAR plans to expand its portfolio to 9 billion rubles and expand the list of banks for allocation.

SOFAR was founded in 1999 to accumulate finances and allocated them abroad for future generations. It has $33.1924 billion of assets (compared with $271 million in 1999).

50% of assets are in USD, 40% in euro, 5% in British pounds, 5% in currencies that have A rating (Standard & Poor’s, Fitch Ratings) and A2 (Moody’s), Russia and Turkey.