Wie SOFAZ den Staatswohlstand Aserbaidschans über Öl und Gas hinaus diversifiziert
SOFAZ diversifiziert sein Portfolio an Staatsanleihen über Öl und Gas hinaus und investiert in erneuerbare Energien, Infrastruktur und digitale Vermögenswerte, um Risiken zu managen und die langfristige Finanzstabilität zu unterstützen.
Mit Unterstützung von Azpromo
LESEN SIE MEHR : http://de.euronews.com/2025/12/24/wie-sofaz-den-staatswohlstand-aserbaidschans-uber-ol-und-gas-hinaus-diversifiziert
00:00So basically, diversification as a risk mitigation tool helps us to protect against any type of risk, including political risk as well.
00:17Hello and a very warm welcome back to Energy Frontiers, coming to you from our studio in Baku, Azerbaijan.
00:24Today, we're going behind the scenes at the State Oil Fund of the Republic of Azerbaijan, otherwise known as SOFAS, the sovereign wealth fund which has generated more than $207 billion in revenue since it was established in 1999.
00:40But first, here's an overview of how its portfolio is broadening beyond hydrocarbons.
00:45SoFAS was originally set up to manage Azerbaijan's oil revenues, and in 2025, it pivoted towards sustainable and renewable energy, taking a 49% stake in a 402-megawatt solar-powered portfolio in Italy.
01:03SoFAS's diversification has extended to infrastructure, with an investment of around $66 million in London's Gatwick Airport.
01:12And as part of its broader bid to reduce dependence on oil revenues, SoFAS has rebalanced its asset mix in recent years, increasing its exposure to gold and real estate, whilst reducing its holding of bonds.
01:26So what does 2026 hold in store for SoFAS as it continues to diversify its investments and build upon its recent move into European green energy?
01:38Ravshan Javadov, it's wonderful to see you. Thank you for talking to Euronews today.
01:42It's wonderful to be here. Thank you for having me.
01:44Let me start by asking you about the record year that you've had.
01:47When we look at assets under management, they've increased by $11 billion year on year.
01:51What's been driving that growth?
01:53As you mentioned, this year is a record year for us, and assets grew by more than $11 billion so far.
02:02And the good thing about it is that $11 billion growth came from basically asset management.
02:09So oil and gas inflows, basically we transferred all oil and gas inflows to the state budget.
02:14And $11 billion came from our return from asset management, as well as increasing gold and FX values.
02:27SoFAS manages around $71 billion across 50 countries globally.
02:33How are you making sure that your new foray, your pivot, if we can call it that, into renewables,
02:37still supports the national interest and your key economic drivers of oil and gas revenues?
02:43This is a very important question.
02:46Our global strategy has to always serve Azerbaijan's long-term interests as well.
02:53So our modern oil and gas strategy was shaped by, under the leadership of Haider Aliyev, our national leader, in early 1990s.
03:04So the idea was clear to manage oil and gas reserves wisely and responsibly.
03:09And it consisted of three pillars.
03:11The first pillar was about attracting international partners and investment to Azerbaijan.
03:15The second pillar was about building secure export routes.
03:19And the third pillar was about saving some oil and gas revenues for future generations.
03:25SoFAS was created as a part of the third pillar.
03:27Our main goal is to transform deplorable oil and gas reserves into long-term financial strength for the country.
03:35We do it by investing these revenues outside of Azerbaijan and creating stable cash flows.
03:43As for renewables, this is part of our investment strategy as well.
03:48They offer sometimes good and sometimes predictable and stable future cash flow.
03:54They help us to reduce risk in terms of oil price volatility.
03:59Our strategy is to diversify our investment portfolio.
04:03And investments in renewables plays an important role in this strategy.
04:08Sticking with the energy weighting of your fund, but moving beyond your recent investments in solar in Europe,
04:13where else do you see as particular areas of investment and growth next year?
04:18Looking at hydrogen, batteries, infrastructure, transportation, logistics, or something else?
04:24We invest in digital infrastructure.
04:28We invest in network.
04:29We invest in new technologies.
04:31Some of them are mature and provide stable cash flow.
04:34Some of them new and with more growth prospects.
04:39But combining them helps us to build more resilient and stable portfolio.
04:49So for us, the most important thing is to protect nations' wealth.
04:55And it's more important than betting on any single sector.
05:02COP30 emphasised the need for all major pools of capital to come together to help close the climate finance gap.
05:10Sovereign wealth funds are in a unique position because globally they manage more than $12 trillion.
05:16You're in a great position too, and you've started to move in that direction.
05:20But what more could you do?
05:21How about partnership with multilaterals?
05:24What about being an anchor investor?
05:25We fully support global push to close climate finance gap, especially in emerging markets.
05:35And to do so, we also partner with major international players, including multilaterals.
05:45And we have partnership with International Financial Corporation, IFC.
05:49We have partnership with EBRG.
05:50And in terms of climate investments, we invest together with IFC in the climate-related fund.
05:59And we are happy to continue doing so.
06:02And we are happy to be an anchor investor in climate finance.
06:05The only requirement is that any project has to be in line with our risk return profile.
06:12You're strengthening your strategic partnerships across many regions, expanding in North America, Europe, Asia, and indeed the Middle East.
06:21How do you protect those new investments, especially from political or regulatory risks and exposure, not least in Europe, where European energy policy continues to evolve at pace?
06:32Risk management has always been central to our investment decision process.
06:40And we have several risk mitigation tools.
06:46First of all, of course, we have investment guidelines and risk limits we adhere to.
06:53We have strict due diligence process.
06:57Our investment risk compliance legal team has to go through strict due diligence process and look at different types of risk.
07:05Another risk mitigation tool for us is, of course, diversification.
07:08Our investments are spread across different asset classes, across different sectors, different countries, different regions.
07:17You mentioned Europe.
07:18In Europe, we follow regulation and legislations.
07:24And, of course, all these risk management tools helps us to protect the fund and also to be able to see and invest in different opportunities globally.
07:34We have to leave our conversation there.
07:36But, Ravshan Javadov, thank you very much for speaking to me today.
07:40Thank you for having me.
07:41Well, that's all we have time for in this edition of Energy Frontiers.
07:45And, indeed, it's the end of this series.
07:48I very much hope you enjoyed it.
07:49And for all of the episodes, just head to euronews.com.
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