When headquarters of Azerbaijan oil fund will be ready?
Nobody will be able to answer this question today. But on December 29, 2009 at the ceremony of the tenth jubilee of the State Oil Fund at Heydar Aliyev avenue foundation of the new office of the Fund was laid and it was announced that the building will be ready in mid-2013.
31 months has passed since that time, but information about completion of construction is not available yet. The contract for construction of a new SOFAR office was concluded with the contractor - Belgian N.V. Besix S.A. - only after 24 months on December 20, 2011. According to official information, the contract cost of the project is 84,916 million Euro. SOFAR does not announce the date of opening of its new headquarters. One cannot say that construction is coming to the end. The height of the building will be 117 meters (140 meters together with lighthouse) and total area - 35,834 sq.m. The building will have 7 elevators, 2-storey underground parking lot and 24 floors.
Judging by all, the Oil Fund will be able to move to its new office not earlier than 2016. Now it is located in Dalqa Plaza business centre.-0-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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