Azerbaijani State Oil Fund earns nearly $8 billion, boosts deposit investments

The State Oil Fund of Azerbaijan (SOFAZ) has earned a total of $7.8 billion since its establishment and until the end of 2022.

This translates to an annualised profitability of 2.3 per cent, Report informs, citing SOFAZ’s financial (audit) report for 2022.

Last year, the fund faced a loss of 5.2 per cent.

Moreover, SOFAZ investments covered 66 countries and 17 currencies by the end of 2022.

As of January 1, 2023, SOFAZ term deposits amounted to 1.82 million manats ($1.07 million), which is 156.1 times more compared to January 1, 2023.

Last year, SOFAZ placed a €1 billion deposit with the Central Bank of Türkiye.

At the end of 2022, SOFAZ time deposits accounted for 2.2 per cent of its assets. By the end of 2021, this figure had fallen to zero.

The State Oil Fund of Azerbaijan (SOFAZ) is a sovereign wealth fund founded in December 1999. Nearly all of the fund's revenues come from Azerbaijan's oil and gas exports.