Search keyword: The State Oil Fund

The State Oil Fund of Azerbaijan (SOFAZ) received more than $5.334 billion in revenues from the Azeri-Chirag-Gunashli block of fields in the Azerbaijani sector of the Caspian Sea in the first ten months of 2024, Report informs, citing the fund.

A delegation led by Israfil Mammadov, Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ), is participating in the 16th Annual Meeting of the International Forum of Sovereign Wealth Funds (IFSWF) held in Muscat, the capital of the Sultanate of Oman.

In January-October of 2024, the State Oil Fund (SOFAZ) carried out currency sales amounting to nearly $5.92 billion, up 2.6 times year-on-year, Report informs, citing SOFAZ. In October alone, SOFAZ's currency sales amounted to $174.4 million, which is 13.9% less than in October of last year.

In January-October 2024, currency auctions held jointly by the Central Bank of Azerbaijan (CBA) and the State Oil Fund (SOFAZ) resulted in sales of over $6.116 billion, Report informs, citing the CBA. According to the bank, this is 2.15 times more compared to the same period last year.

The State Oil Fund of Azerbaijan (SOFAZ) has signed a Memorandum of Understanding with Saudi Arabia's Hassana Investment Company to explore investment opportunities in Saudi Arabia, Report informs.

As of October 1 this year, the assets of the State Oil Fund of Azerbaijan (SOFAZ) increased by 10% compared to the beginning of the year, to around $62 billion.

A delegation led by Israfil Mammadov, Executive Director of the State Oil Fund of Azerbaijan (SOFAZ), paid a working visit to Italy to explore investment opportunities aimed at strengthening the long-term partnership between the two countries, Report informs.

"The financing of additional expenses will be provided by increasing the transfer from the State Oil Fund of Azerbaijan to the state budget by 1.7 billion manats," the ministry said.

In the first nine months of 2024, 27.4% or 3.62 billion manats ($2.12 billion) of the oil and gas sector revenues in the state budget came through tax authorities, while 72.6% or 9.59 billion manats ($5.64 billion) came from transfers from the State Oil Fund to the state budget.

The State Oil Fund of Azerbaijan (SOFAZ) received approximately $4.604 billion in revenues from the Azeri-Chirag-Gunashli block of fields in the Azerbaijani sector of the Caspian Sea in the first nine months of 2024, Report informs, citing the fund.