SOFAZ has bought assets in Africa and South America.
SOFAZ report reads that by October 1, 2013 0.01% of assets of the SOFAZ investment portfolio fell to Africa and 5.02% to South America. Before that these continents were not included into the geographic zone of interests of the Oil Fund.
By the end of quarter 3, 2013, 58.89% of SOFAZ investment portfolio fell to Europe, 16.88% to North America, 9.95% to the Asian and Pacific region and another 1.45% to the Near East.
7.8% of the Oil Fund’s portfolio is controlled by the international financial organizations.
At present SOFAZ assets total $35,809,200,000.—0-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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