In 2013 the State Oil Fund of Azerbaijan (SOFAZ) plans to increase gold resources up to 30 tons, Shahmar Movsumov, Executive Director SOFAZ, said in his interview to The Business Year magazine.
He said in the long-term gold will act as an effective instrument to insure against inflation and currency risks. In 2012 the Fund bought 15 tons of gold. Three batches of gold 1 ton each have been already delivered to Azerbaijan.
Movsumov also added that in 2012 SOFAZ expanded the currency portfolio, which included Australian dollar, Russian ruble and Turkish lira.
“We plan to include both state and private shares into our portfolio. We are also going to strengthen our positions in field of immovable property. At present we study new regions, which are attractive for the immovable property investments,” Movsumov said.
“In 2012 we are going to launch several new projects in cooperation with SOCAR. SOFAZ will fund construction of the trans-Anadolu pipeline (TANAP), which is a part of the Southern Gas Corridor and will allow transporting gas to Europe,” Movsumov said.—0—
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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