SOFAZ cuts gold share in portfolio to 35.6% in Q1

Azerbaijan’s State Oil Fund (SOFAZ) cut gold’s share in its investment portfolio to 35.6% in the first quarter from 38.2% at the end of the fourth quarter, according to the fund’s quarterly report published on Thursday.

SOFAZ’s assets fell to $73.516 billion in the first three months of 2026 from $73.541 billion as of Jan. 31 last year, the report said.

During the first three months of 2026, the fund sold $4.35 billion through foreign exchange auctions conducted by the Central Bank of Azerbaijan.

The State Oil Fund of Azerbaijan (SOFAZ) was established on Dec. 29, 1999.

Its main purpose is to ensure long-term macroeconomic stability, manage oil and gas revenues, distribute them evenly across generations and finance strategic national projects.

SOFAZ accumulates revenues from the development of hydrocarbon resources, including export proceeds from oil and gas, bonus payments, transit fees and other related income.

N. Tebrizli