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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Azerbaijan’s Information and Communication Technologies Agency (ICTA) held a meeting with representatives of internet service providers (ISPs) and telecom operators to address concerns over the accuracy of reported internet speeds and the country’s ranking in global broadband performance indices.
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Bulgaria considers Azerbaijan a key strategic partner in the energy sector, as the country plays a crucial role in diversifying gas supplies and strengthening regional energy security, Bulgaria’s newly appointed Energy Minister Jecho Stankov said during a meeting with an Azerbaijani delegation.
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Rovshan Najaf, president of Azerbaijan’s state oil company SOCAR, met with Majid Jafar, CEO of Crescent Petroleum, on February 6 to discuss potential avenues for collaboration in the energy sector. The meeting marked an important step in strengthening ties between the two companies, with both sides exchanging insights on their respective operations and assessing opportunities of mutual interest.
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Rovshan Najaf, president of the State Oil Company of Azerbaijan (SOCAR), met with Sašo Berger, chairman of Slovenian energy company Petrol dd, and Simon Urbanc, CEO of Geoplin doo, on February 6, underscoring growing cooperation in the natural gas sector between Azerbaijan and Slovenia.
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