Reducing the rate of growth of the Russian economy, the devaluation of the ruble and other currencies of developing countries associated with geopolitical risks inherent in the region are affecting the profitability of assets of the State Oil Fund of Azerbaijan (SOFAR), denominated in rubles. However, the Fund's investment portfolio in Russia as of 1 January of this year was estimated at $ 568.2 million (1.5% of the total portfolio).
According to the report of SOFAR, its management does not intend to leave the long-term markets such as VTB Bank, which is invested, because funds not only from Azerbaijan. but also from the Norwegian Petroleum Fund and the Sovereign Fund of Qatar are invested there.
Recall, by January 1, the total assets of SOFAR were at $ 37.1 billion and the investment portfolio of SOFAR was $ 36 billion 740.3 million. Regarding the Russian Federation, in 2012 the Fund acquired the retail and office center Gallery Actor in the center of Moscow, at 16 Tverskaya Street for $133 million. In addition, the State Oil Fund has invested in the acquisition of shares of VTB Bank. --17D-
Economics
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The Central Bank of Azerbaijan (CBA) has approved the "Green Taxonomy," according to a decision by its Board of Directors on November 13.
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Azerbaijan's state oil and gas company, SOCAR, has signed a joint development agreement with Bulgaria’s "Asarel Energy," part of the Asarel Medet holding group. The agreement was signed on November 13 during the COP29 summit in the presence of the Presidents of Azerbaijan and Bulgaria, Ilham Aliyev and Rumen Radev.
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Saudi Electricity CEO Khalid Al-Hamidi and Baba Rzayev, Chairman of Azerbaijan's state-owned energy company Azerenergy, signed a memorandum of understanding (MoU) on Wednesday during the COP29 summit in Baku. The agreement, inked after a high-level meeting between Azerbaijan's Minister of Energy and his Saudi counterpart in the event’s Blue Zone, aims to enhance cooperation on integrating renewable energy into Azerbaijan’s power grid.
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