While SOCAR expects SOFAZ to provide a substantial portion of funds for the OGPC and other projects, there is no definitive agreement yet beyond 2013, believe experts of the international Fitch rating agency.
Moreover, Fitch estimates that SOFAZ's assets have peaked at around USD34.1bn at end-2012 and expect these assets to decline through 2014 as SOFAZ contributions to the government budget stay high. Fitch notes that SOFAZ may not have sufficient funds for co-investment in all SOCAR's projects, leading to SOCAR's taking on additional debt, beyond its current estimates.
Since the beginning of 2013 Oil Fund started funding of four capital intensive project of SOCAR:
- construction of TANAP in Turkey;
- construction of oil refinery in Turkey;
- construction of petrochemical and oil refining complex in Baku;
- construction of four floating drilling rigs in Baku;
* SOCAR maintains close ties with the government and SOFAZ while making important financial and investment decisions in big energy projects.-0-
Economics
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The Islamic Development Bank (IsDB) is stepping up its efforts to mobilize Islamic banking resources in the fight against climate change, President of the IDB Muhammad Sulaiman Al Jasser said on Thursday during a roundtable at COP29.
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Climate change poses a serious risk to global economic and financial stability, said Bo Li, Deputy Managing Director of the International Monetary Fund (IMF), at the event titled "Global Financial System: Scaling Up Climate Action Financing" held as part of COP29.
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Azerbaijan's banking sector has unveiled a comprehensive set of initiatives aimed at bolstering sustainable development, according to Zakir Nuriyev, President of the Azerbaijan Banks Association (ABA). Nuriyev outlined the plans during the second panel of the "Global Financial System: Expanding Climate Finance" event.
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Azerbaijan remains steadfast in its commitment to developing a sustainable green economy, according to Taleh Kazimov, Chairman of the Central Bank of Azerbaijan (CBA). Speaking at the COP29 event on Thursday titled “Global Financial System: Scaling Up Finance for Climate Action,” Kazimov emphasized the country's strategic focus on green development as part of its broader socio-economic agenda for 2030.
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