The State Oil Fund of Azerbaijan (SOFAZ) has decided to invest hundreds of millions of dollars in real estate in Milan. As the Wall Street Journal reported, we are talking about the acquisition of a building at the Italian Chamber of Commerce.
The transaction value is not precisely known, but it is part of the acquisition of three objects by three customers totaling $ 380 million dollars. Two other buyers of the real estate are Funds of Qatar and the UAE.
Earlier SOFAZ bought expensive real estate in the UK, France, Russia, South Korea and Japan. The gain of that has remained unknown.
It should be noted that such investments amid the falling oil revenues and the reducing assets of SOFAZ look, at least, illogical. According to the site SOFAZ, in 2015, the Fund's assets decreased from 37.1 billion to $ 34.74 billion. -02D-
Economics
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In 2025, Azerbaijan will celebrate a series of public holidays and mourning events combining cultural traditions, religious rituals and national commemorations. The calendar, approved by the Cabinet of Ministers, defines significant dates that will provide citizens with the opportunity to honor their heritage, reflect on history, and relax with family and friends.
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The Armenian government reviewed a draft bill on Thursday, January 9, following a petition that garnered 52,000 signatures—surpassing the required threshold of 50,000. The proposed legislation, which has now been forwarded to parliament, has ignited discussions about Armenia’s potential shift toward European integration.
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The State Oil Company of Azerbaijan Republic's shipping division, Azerbaijan Caspian Shipping Company (ASCO), has integrated a new Aframax tanker into its fleet, as part of its ongoing fleet expansion strategy, the company announced on Monday.
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The State Oil Company of Azerbaijan (SOCAR) is among the participants in an international tender for the purchase of shares in Lukoil Neftochim Burgas JSC. The main asset of the company is the sole large refinery in Burgas, Bulgaria, according to Turan.
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