Baku: In 2024, a significant decrease has been observed in the value of the ‘Azerbaijan Rigs’ project, which was invested in by the State Oil Fund of Azerbaijan (SOFAZ), APA-Economics reports. This was stated in the opinion issued by the Chamber of Accounts regarding the execution of SOFAZ’s 2024 budget.
According to Azeri-Press News Agency, SOFAZ invested a total of 838 million US dollars in the project from 2013-2017. However, the unaudited financial statements as of the end of 2024 estimated the market value of the project at only 372.5 million US dollars. This indicates a loss of value of approximately 55%.
“Azerbaijan Rigs” LLC was one of the large-scale strategic investments made within the Fund’s equity sub-portfolio. The current situation necessitates a reassessment of the project’s economic efficiency and effective asset management.