In 2016 SOFAZ opened an annual deposit account to the amount of $500 million at the International Bank of Azerbaijan (IBA).
According to SOFAZ, annual rate of the deposit worth $500 million is 4%. The annual deposit contract expires on March 16, 2017.
According to the SOFAZ report, in 2015 profitability of the investment portfolio of SOFAZ constituted 1.24%. During the past 10 years (2006-2015) average profitability of the SOFAZ portfolio constituted 2.42% a year.
By January 1, 2016, SOFAZ’s assets, which are managed by the foreign managers, totaled $2,376,000,000 or 7.1% of the Fund’s assets.—0—
Economics
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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Turkey aims to achieve carbon neutrality by 2053, transforming key sectors of its economy in line with a vision of "net-zero emissions and green development," President Recep Tayyip Erdogan announced at COP29 in Baku on Monday.
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