| Azerbaijan's state oil fund's (Sofaz) assets fell by 6.38 percent to $34.7 billion by Oct. 1 from the start of the year, the fund said on Monday, hit by the drop in global oil prices. Sofaz holds the proceeds from oil contracts, oil and gas sales, transit fees and other revenue. It uses income from investments to fund social spending and infrastructure projects.
The fund said its revenue reached 5.5 billion manats ($5.2 billion) by Oct. 1, while expenditures were 6.4 billion manats. Sofaz said in September it had made its first real estate investment in Japan, buying retail property Kirarito Ginza in Tokyo for 52.3 billion yen ($432.27 million) with Mitsubishi UFJ Trust and Banking Corporation...............................................Full Article: Source |