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.
Thus, SOFAZ invested a total of 838 million US dollars in the project from 2013-2017. However, according to the unaudited financial statements as of the end of 2024, the market value of the project was estimated at only 372.5 million US dollars. This means a loss of value of approximately 55%.
Note that "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.
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