Azerbaijani Oil Fund: Fiscal Consolidation, Volatility and Oil Wealth

Azerbaijani Oil Fund: Fiscal Consolidation, Volatility and Oil Wealth The execution of the State Oil Fund of Azerbaijan’s (SOFAZ) 2016 budget has been approved. According to a Presidential decree, SOFAZ’s revenue was 9.410 billion manat ($5.881 billion USD) and expenditure was 9.022 billion manat ($5.638 billion USD). Initially, SOFAZ’s revenue for 2016 was forecasted as 4.6 billion manat, while expenditure was expected to be 10.7 billion... Read More

SOFAZ lost $ 1.3 billion US due to revaluation of foreign exchange

SOFAZ lost $ 1.3 billion US due to revaluation of foreign exchange State Oil Fund of the Republic of Azerbaijan’s (SOFAZ) revenue was 4 054. 0 million. manats ($ 3860.9 million US), while budget expenditures constituted 4 042.1 million manats ($ 3849.6 million US) in the first half of 2015. Revenue of 3 812.1 mln. manats was received from the implementation of oil and gas agreements, including 3 802.1 mln. manats from the sale of profit oil and... Read More

SOFAZ’s extra budgetary expenses reached to $ 1.24 billion US

SOFAZ’s extra budgetary expenses reached to $ 1.24 billion US Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2014 reached 10.13 billion manats ($12.99 billion US), while budget expenditures constituted 8.04 billion manats ($ 10.30 billion US). Revenue of 9.97 billion manats ($ 12.78 billion US) was received from the implementation of oil and gas agreements, including 9.95 billion... Read More

Azerbaijan Oil Fund Lost $ 2.3 million US in light of the Ukraine Crisis

Azerbaijan Oil Fund Lost $ 2.3 million US in light of the Ukraine Crisis The State Oil Fund of Azerbaijan (SOFAZ) suffered investment losses due to the events that took place in Ukraine. According to SOFAZ, budget revenues of the State Oil Fund of Azerbaijan (SOFAZ) for the period of January-March, 2014 reached 3.005 billion manat ($ 3.85 billion US), while budget expenditures constituted 2.443 billion manat ($ 3.13 billion US) meaning that the budget... Read More

SOFAZ Speaks in Russian

SOFAZ Speaks in Russian CESD:  Purchasing of “VTB Bank” s shares is a political message State Oil Fund of Azerbaijan bought additional share emission of VTB Bank, Russia. The volume of the issue is RR 102.5 billion (quantity – 2.5 trillions, face value – RR 0.041). The emission has already been registered by Russian Bank. CESD argues that purchasing of “VTB Bank” s shares should be considered as a political decision, “it... Read More

Azerbaijan State Budget’s SOFAZ Dependency

Azerbaijan State Budget’s SOFAZ Dependency $ 45 billion oil money spent through state budget channels last couple years   Since the launch of the State Oil Fund of Azerbaijan (SOFAZ), the fund’s expenditures amounted to AZN 38.789 billion ($ 49,730 billion).  Transfers to the state budget reached to AZN 35.085 billion ($ 44,980  billion) within the last couple years. Meanwhile, the fund issued AZN 297.9m for project of construction... Read More

SOFAZ to invest Russian Economy

SOFAZ to invest Russian Economy The State Oil Fund of Azerbaijan has addressed the Federal Antimonopoly Service of Russia in order to get initial agreement for closing deal on purchase of 100% shares of Tverskaya 16 OJC, in Moscow. Authorized capital of the OJSC makes 159.8 mln rubles (AZN 4 mln) and its only share is Aktyor gallery, located on Tverskaya 16, Moscow. Brokers estimate the building at $100-105 mln. According to information, currently,... Read More

$ 1 billion oil money for each month

$ 1 billion oil money for each month CESD: “SOFAZ is not adequately meeting its central objectives” Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2012 reached 10,1 billion mantas ($ 12, 9 billion US) , while budget expenditures constituted 7,5 billion Mantas  ($ 9,7 billion US.) Since $ 9,7 billion US spent in the last 9 months of 2012, it means that more than $ 1 billion US... Read More

Managing of Oil Boom: SOFAZ’s Inefficient Investment Policy

Managing of Oil Boom: SOFAZ’s Inefficient Investment Policy Oil Fund of Azerbaijan (SOFAZ) has purchased 10 tons of gold. That gold, now,  is kept at London banks and preparations are carried out in direction of bringing it to the country. SOFAZ has applied to the Cabinet of Ministers in connection with exemption of gold from customs duties. The gold will be kept at special storehouses of the CBA- SOFAZ announced on September 21th, 2012. SOFAZ... Read More

SOFAZ’s Tardy Investment Policy

SOFAZ’s Tardy Investment Policy Vugar Bayramov: “ SOFAZ’s investment policy is not flexible” The State Oil Fund of Azerbaijan (SOFAZ) intends to invest in commercial real estate in London, Paris, Rome, Istanbul and Moscow and is planning to increase its holdings in gold. As we know, an economic crisis has covered Western Europe. Due to the crisis, price drops have occurred erratically and unpredictably. Likewise, the dollar and especially... Read More

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