In order to further broaden and diversify the currency basket, SOFAZ has started making investments in Chinese Yuan, reported press office of the State Oil Fund of Azerbaijan (SOFAZ).
The required license has already been obtained from the People’s Bank of China (PBC) for investments of up to RMB 3 billion and a contract has been signed with the PBC for the purchase and custody of yuan denominated sovereign and agency bonds. As of July 1 2015, first investments in Chinese Yuan have been made.
Going forward, Sofaz is planning to gain exposure to Chinese equity markets. To this end, we have taken steps to obtain the “Qualified Foreign Institution Investors” license granted by the China Securities Regulatory Commission.—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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