SOFAZ plans to invest into the property in Japan, said SOFAZ Executive Director Shakhmar Movsumov.
He said prior to that SOFAZ bought the office building Pine Avenue Tower A in Soul worth $447 million. According to SOFAZ, the building was fully leased to S&K Group, one of the biggest conglomerates in South Korea. Annual net rental fee for the building is $23.4 million.
First time SOFAZ invested into the property in 2012 and bought the office building in West End of London for 177.35 million pounds. In 2012 SOFAZ also bought a building in Paris for 135 million Euro. The last acquisition of SOCAR was the shopping and office centre Actor’s Gallery at the Pushkin Square in Moscow for $133 million.
By April 1, 2015 SOFAZ’ assets dropped by 5.86% against early 2015 ($34,104,100) and totaled $34,930,500.
SOFAZ was created on December 29, 1999, but it actually started its work in June 2001 and that time its assets totaled $271 million.—0—
Economics
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In the first 11 months of 2024, the State Oil Fund of Azerbaijan (SOFAZ) reported foreign currency sales totaling USD 6.494 billion, marking a 2.55-fold increase compared to the same period in the previous year.
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Azerbaijan's metallurgical and manufacturing sectors are experiencing a dramatic upswing, with steel rebar production climbing 78% in October 2024 compared to the same period in 2023. Over the first ten months of the year, the country produced 382,900 tons of rebar, underscoring significant progress in domestic output and industrial capacity.
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Steel production in Azerbaijan is on the rise, growing by 19% in 2024, signaling recovery in a sector often regarded as an industrial health indicator. Bolstered by increased demand from the construction and oil and gas industries, this steady growth underscores broader efforts toward economic revitalization.
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Azerbaijan's Energy Minister Parviz Shahbazov announced on the social media platform X that on Tuesday, he held discussions with Guinea-Bissau's Foreign Minister Carlos Pinto Pereira about potential energy partnerships. The meeting highlighted Guinea-Bissau's interest in Azerbaijan's expertise in energy, particularly in green energy, decarbonization, and oil and gas development.
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