11:21 - 31.07.2025

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July 31, Fineko/abc.az. The cost of project Azerbaijan Rigs, in which the State Oil Fund of Azerbaijan (SOFAZ) invested, has significantly decreased in 2024, ABC.AZ informs, referring to Accounts Chamber’s conclusion on SOFAZ’s budget for 2024.

The document notes that total expenses for the project amounted to $1.04 billion, and $838 million of them was invested by SOFAZ between 2013 and 2017.

However, according to unaudited financial statements submitted at the end of 2024, the project is valued at $372.5 million. This means the project’s value has decreased approx. 2.2-fold compared with the initial investment amount.

Azerbaijan Rigs is one of the investment projects implemented within SOFAZ’s equity sub-portfolio.