The State Oil Fund of Azerbaijan has placed a deposit for 1 billion euros in the Central Bank of Turkey

The State Oil Fund of Azerbaijan (SOFAR) has placed a deposit in the amount of 1 billion euros in the Central Bank of Turkey, according to Azerbaijan in Focus, reporting Turan News.

According to Vesti.az with reference to SOFAZ, the funds were placed for a period of 6 months and the deal was closed on January 27th. “This investment, carried out within the framework of SOFAZ’s investment strategy, will make a positive contribution to financial stability in Turkey,” the report says.

SOFAZ was established by the Decree of the President of Azerbaijan dated December 29, 1999.

The Fund accumulates income from the implementation of oil and gas contracts, in particular, from the sale of profitable state oil, transit tariffs for the transportation of oil and gas through the country, from the lease of state property.

The Foundation is accountable to the President of the country.

For January 1, 2022, the assets of SOFAZ amounted to $45 billion 25.1 million, which is 3.35% more than as of January 1, 2021.

Since its inception, the fund’s income from investment activities has amounted to $10.2 billion, of which $8.9 billion has been received over the past 10 years.