In June 2015 the State Oil Fund of Azerbaijan (SOFAZ) plans to invest $500 million into the bonds in Chinese Yuan.
SOFAZ Executive Director Shakhmar Movsumov said that the agreement has been signed with the Chinese Central Bank.
“We already have agreement with the Chinese Central Bank and recently our Securities Committee have signed the document, which will allows us starting investments,” he said in his exclusive interview to Trend news agency.
Last week the Azerbaijan State Securities Committee and the chairman of the Chinese Commission for Regulation of Securities Market signed the memorandum envisaging protection of investors and encouraging integrity of the securities markets, futures and other investment instruments by expanding the frameworks of cooperation and strengthening exchange of regulating and technical information.
By early this year 34% assets of the Oil Fund were in Euro, 1.2% in Russian rubles, Turkish Lira and Korean won. Another 0.5% fell to Australian currency and the remaining part was in the US dollars.-0-
Economics
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In Baku, grappling with growing environmental challenges, experts and policymakers convened on Friday for an international scientific conference titled “Sustainable Environment: Transition to Green Energy.” The event highlighted the urgent need for innovative strategies to combat pollution and advance renewable energy initiatives.
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Kazakhstan is set to increase its oil transit through the Baku-Tbilisi-Ceyhan (BTC) pipeline by 5.1% in 2024, reflecting growing regional cooperation and diversification in energy routes. According to figures obtained by Turan News Agency, the total volume of Kazakh oil transiting through the BTC pipeline is projected to exceed 1.464 million tons, up from 1.392 million tons in 2023.
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In a groundbreaking development for Azerbaijan’s energy sector, GL Group, a prominent Azerbaijani oil company, has announced plans to drill the country’s first horizontal well on land, reaching a depth of 4,400 meters with a lateral section of approximately 400 meters. The project, a milestone in the region’s oil exploration history, is set to take place at the Kirsangi-Garabaghly onshore fields.
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The Central Bank of Azerbaijan (CBA) forecasts an annual inflation rate of 5.1% by the end of 2024, comfortably within the target range of 4% ± 2%. However, recent data indicate that inflationary pressure has significantly eased over the year: in October, the inflation rate stood at 3.4%, slightly down from 3.5% in September. Official data for November have not yet been released, leaving room for speculation about possible year-end adjustments.
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