Azerbaijan’s state oil fund SOFAZ is exploring the possibilities of making investments in Turkey, Shahmar Movsumov, executive director of SOFAZ, told reporters July 12.
“We constantly explore the possibilities of investing in the countries with favorable conditions,” said Movsumov. “Currently, we are exploring the opportunities for making investments in Turkey. It is a neighboring country and is of interest for us.”
The geography of SOFAZ’s asset allocation is as follows: 60.46 percent - European countries, 20 percent - North America, 3.62 percent - Australia, 11.80 percent - Asia and the Pacific region, 0.63 percent - the Middle East, 0.27 percent - South America, 3.21 percent - international financial institutions, 0.01 percent – Africa.
The assets of SOFAZ increased by 2 percent and stood at $34.25 billion as of Apr. 1, 2016, as compared to $33.57 billion in early 2016.
SOFAZ was established in 1999 with assets of $271 million.
Based on SOFAZ's regulations, its funds may be used for construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include accumulation of resources and the placement of the Fund's assets abroad in order to minimize the negative effect on the economy, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.