Cost of Azerbaijan Rigs project of SOFAZ drops by more than half

The cost of the Azerbaijan Rigs project, in which the State Oil Fund of Azerbaijan (SOFAZ) invested, has significantly decreased in 2024.

Report informs, citing the Accounts Chamber on the execution of SOFAZ's 2024 budget, that the document notes that total expenses for the project amounted to $1,04.7 million, of which $838 million was invested by the fund between 2013 and 2017.

However, according to unaudited financial statements submitted at the end of 2024, the project is valued at $372.5 million. This means the project’s value has decreased approximately 2.7 times compared to the initial investment amount.

Azerbaijan Rigs is one of the investment projects implemented within the framework of SOFAZ’s equity sub-portfolio.