BAKU, Azerbaijan, April 17. The State Oil Fund of the Republic of Azerbaijan (SOFAZ) sold funds worth $2.4 billion at auctions in the first quarter of 2025, SOFAZ told Trend.
"SOFAZ sold $2.42 billion in auctions held in collaboration with the Central Bank of the Republic of Azerbaijan from January through March 2025," the report reads.
SOFAZ's mandate encompasses the aggregation of fiscal inflows derived from finite natural assets, with the objective of transforming these into a sustainable revenue stream for both current and prospective cohorts of Azerbaijan's populace. The primary objective in the establishment of SOFAR was to facilitate the strategic and optimized governance of the nation's hydrocarbon assets.
The fund's activities are aimed at maintaining macroeconomic stability in the country, ensuring financial and tax discipline, reducing dependence on oil revenues, promoting the development of the non-oil sector, financing major national projects for the country's socio-economic development, and, considering that oil and gas are non-renewable natural resources, ensuring that the revenue generated from them is shared equally among generations while accumulating reserve funds for future generations.