Azerbaijani Oil Fund’s reserves have declined by 5.9 %

Azerbaijani Oil Fund’s reserves have declined by 5.9 % The assets of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) have dropped by 5.86% compared to the beginning of 2015 from $ 37,104 billion US. to $ 34, 930 billion US. Budget revenues of the SOFAZ reached 2,028 billion manat ($ 1, 932 billion US with new rate) , while budget expenditures constituted 2,336 billion manat ($ 2,225 billion US with new rate) in the first quarter of 2015.... 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

$ 2,2 billion deficit in SOFAZ budget

$ 2,2 billion deficit in SOFAZ budget Revenue of State Oil Fund of Azerbaijan (SOFAZ) is forecasted at AZN 11,82 billion ($ 15,12 billion) since expenditure will be AZN 13, 59 billion ($ 17,32 billion) in 2013. SOFAZ will face budget deficit which will be AZN 1,78 billion ($ 2,22 billion) next year. Meanwhile Ministry of Finance reports SOFAZ will spend AZN 2,149 billion ($ 2,755 billion) on investment projects in 2013.  SOFAZ transfers to the... 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 allocates over $4 billion for various projects and programs

SOFAZ allocates over $4 billion for various projects and programs The State Oil Fund of Azerbaijan (SOFAZ) allocated about 3.34 billion manat for the implementation of various infrastructure projects and other needs as of July 1, the official website of the State Oil Fund said on Friday. A significant amount of funds directed at improving the welfare of refugees and internally displaced persons, as well as addressing their employment. The State... Read More