Euro share in Azerbaijani State Oil Fund’s investment portfolio downs

Euro share in Azerbaijani State Oil Fund’s investment portfolio downs The State Oil Fund of Azerbaijan (SOFAZ) will increase shares in the structure of its investment portfolio from the current five to 10 per cent. Azerbaijani President Ilham Aliyev has recently issued a decree approving the main direction of the programme for using SOFAZ funds in 2014. The shares will be increased through decreasing the bonds to 80 per cent, Movsumov said. Today... 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

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

Moody’s upgraded rating of Azerbaijan

Moody’s upgraded rating of Azerbaijan Moody’s Investors Service has today upgraded Azerbaijan’s foreign- and local-currency government issuer ratings by one notch to Baa3 from Ba1. The rating outlook is now stable, APA reports. The main drivers of this rating action were: (i) the ongoing strengthening in the government’s finances, as reflected in the rapid accumulation of foreign assets by the State Oil Fund of Azerbaijan (SOFAZ) and the... Read More

Is SOCAR investment effecient?

Is SOCAR investment effecient? Most of the funds received by Azerbaijan’s state energy firm Socar from the placement of Eurobonds in the amount of $500 million were spent to pay the assets in Switzerland, purchased from Exxon Mobil, a Socar official told the Baku-based Trend news agency. Socar signed an agreement with Exxon Mobil to acquire its Swiss branch, Esso Schweiz GmbH, in November 2011. The company will operate under the brand name Esso... Read More

SOCAR Incurs Huge Debt, Raises Questions

SOCAR Incurs Huge Debt, Raises Questions CESD experts question the decision of SOCAR to incur long-term debt by issuing Eurobonds The State Oil Company of Azerbaijan (SOCAR) has completed the placement of debut issue of Eurobonds in London. The overall volume of orders applied by 290 investors made $4.6 billion.  The profitability of the initial placement of Eurobonds makes annual 5.45%. The date of payment for the initial issue is 9 February 2017. Eurobonds... Read More