Middle East Economic Survey


No 6



Azeri State Oil Fund Increased To $11.2Bn In 2008

Azeri Oil Fund Director Shahmar Movsumov told reporters in Baku on 29 January that, thanks to high oil prices in the first eight months of 2008, the state fund has accumulated assets of $11.2bn. The fund is intended not only as a protective measure against low oil prices for monetary and fiscal purposes, but also as a major finance tool for the development of social and infrastructure...