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

SOFAZ announces total revenues for 12 years

SOFAZ announces total revenues for 12 years Since the establishment of the State Oil Fund of Azerbaijan (SOFAZ) up until March 31, 2012, the Fund received $70.8 billion in revenues, SOFAZ head Shahmar Movsumov said in an interview published by the Respublika newspaper yesterday. SOFAZ was established in 1999 and then its assets amounted to $271 million. According to Movsumov, $32.4 billion (45.7 per cent) of the total revenues of the fund were directed... Read More