Börsen-Zeitung (Germany) has published an article on the Azerbaijani economy. It says that the State Oil Fund of Azerbaijan (SOFAZ) founded in 1999 accumulated $34.7 billion, about half of the GDP of the republic in July 2013, according to Israfil Mamedov, Vice President of the SOFAZ.
The transparency of the structure is comparable with that of Singapore’s Temasek investment company.
The SOFAZ finances construction of refineries in Turkey and oil platforms in the Caspian Sea, construction of the Baku-Tbilisi-Kars Railway. It also provides aid for refugees from Nagorno-Karabakh.
Mamedov said that the SOFAZ had been granted permission to invest 5% of assets in gold and real estate in 2011. The SOFAZ purchased real estate in London and Moscow and was searching for real estate to purchase in Germany.Mamedov noted that about 94% of investments were spent on securities with a fixed income.
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