BAKU, Azerbaijan, Dec.24
By Leman Zeynalova – Trend:
Azerbaijan’ State Oil Fund (SOFAZ) is ready to consider new investment opportunities under favorable conditions in financial markets, the Fund told Trend.
“The volume of investments in shares accounted for 14.4 percent of SOFAZ’s investment portfolio as of Q3 2020. SOFAZ’s decisions on changing the share of investments in assets depends on the macroeconomic analysis and fundamental indicators in the exchange markets. Although stock markets have seen a steady growth since March 2020 and the indices are approaching record values, we believe that at the moment the world economy is still in a vulnerable. In this regard, in the short term, we are not planning additional investments in shares. In the meantime, we will continue to monitor changes in the global stock markets and in the economy, and if the situation related to the pandemic improves and favorable conditions emerge in the financial markets, we are ready to consider new investment opportunities,” SOFAZ said.
The State Oil Fund of Azerbaijan was established in 1999, and at that time its assets stood at $271 million.
The mission of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) is to transform depletable hydrocarbon reserves into financial assets generating perpetual income for current and future generations.
The main goal of the establishment of SOFAZ is to accumulate and efficiently manage oil revenues.
SOFAZ's activity is directed to the achievement of the following objectives:
Preserving macroeconomic stability, ensuring fiscal-tax discipline, decreasing dependence on oil revenues and stimulating development of the non-oil sector;
Ensuring inter-generational equality with regard to the country's oil wealth and accumulate and preserve oil revenues for future generations;
Financing major national scale projects to support socio-economic progress.
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