SOFAZ increased its cash holdings 1.8 times in 2024

As of January 1, 2025, the State Oil Fund of the Republic of Azerbaijan (SOFAZ) held cash and cash equivalents totaling 5.593625 billion manats — a 79% increase compared to the beginning of the previous year.

Report informs, citing the Fund, that in 2024, the share of cash within SOFAZ’s total assets grew from 3.3% to 5.45%.

SOFAZ was established by a presidential decree on December 29, 1999. Its primary goal is to manage revenues from the development of oil and gas resources efficiently, for the benefit of both current and future generations.