Banks in which Azerbaijan’s Oil Fund placed its deposits named

Baku, Fineko/ Audit firm Ernst & Young Holdings (CIS) BV has made audit of consolidated financial statements of the State Oil Fund of Azerbaijan (SOFAZ) for 2012 on the consolidated balance sheet.

The audit report says that SOFAZ net operating income before taxation for 2012 amounted to AZN 790.345 million and after payment of profit tax AZN 787.137 million. Fund’s total assets for 2012 were confirmed at the level of AZN 26.89 bn, including foreign assets for AZN 26.01 bn and non-foreign exchange assets for AZN 877 million. SOFAZ total financial assets were confirmed at AZN 24.127 bn.

Ernst & Young reports that SOFAZ placed ZN 444.197 million in deposits at such banks as TC Ziraat Bankasi AS, Akbank TAS, Turkiye Is Bankasi AS (all Turkey), Gazprombank and VTB Bank (Russia), BNP Paribas and Jefferies Bache (UK).

The auditor also pointed out that since 28 February 2013 Credit Suisse, one of five external managers discontinued to provide external manager services to SOFAZ.

Audit report is available at:


18.04.2013 10:28


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