Azerbaijan's State Oil Fund may invest up to $1.4 bln in Brookfield projects

BAKU. Jan 21 (Interfax) - The State Oil Fund of the Azerbaijani Republic (SOFAZ) and Brookfield Asset Management have agreed to deepen cooperation and on the possibility of the state fund investing up to $1.4 billion in various company projects, the Azerbaijani presidential press service said.

Azerbaijani President Ilham Aliyev held a meeting with the president of Brookfield Asset Management, Connor Teskey, in Davos on Wednesday.

"During the conversation, bearing in mind the global investment activity of Brookfield Asset Management which is focused on real assets, views were exchanged on areas of investment interest in our country and potential projects as part of cooperation with SOFAZ," the press service said.

During the meeting, SOFAZ and Brookfield Asset Management signed a letter of intent on long-term strategic cooperation.

"The document provides for further deepening of the existing strategic relations at the institutional level, expanding the fund's access to investment platforms on a global scale. Furthermore, it is planned that opportunities for SOFAZ to invest up to $1.4 billion in Brookfield-managed funds and joint investment projects over three to four years will be assessed," the press service said.

As part of their cooperation, the parties also intend to explore investment opportunities in key, high-potential spheres of Azerbaijan, including energy transition and storage, renewable energy, digital infrastructure and other areas.

The State Oil Fund of the Azerbaijani Republic accumulates revenues from the implementation of oil and gas contracts, in particular from the sale of the state's profitable oil and gas, receipts from tariffs for the transportation of oil and gas across the country's territory and income from the lease of state property.

Brookfield manages assets worth over $1 trillion. Its global investments in AI infrastructure assets exceed $100 billion.