Azerbaijan's State Oil Fund co-founds China-ASEAN Joint Investment Council

BAKU. Sept 10 (Interfax) - The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has co-founded the new China-ASEAN Joint Investment Committee (CAJIC), SOFAZ said in a press release.

The other co-founders are China Investment Corporation (CIC), Thailand Government Pension Fund, Khazanah Nasional Berhad, Kumpulan Wang Persaraan (Diperbadankan) and Indonesia Investment Authority (INA).

The establishment of the Council was announced at the 26th China International Fair for Investment and Trade in Xiamen.

Convened by CIC, with CGS International Securities Pte. Ltd. serving as Secretariat, CAJIC brings together sovereign wealth funds and other leading institutional investors to strengthen long-term relationships, exchange investment perspectives and explore opportunities for bilateral and multilateral cooperation across China and Southeast Asia, SOFAZ said.

"As a member-led institutional platform, the Council's activities will focus on three areas: People, through investment forums, roundtables and executive programs; Insights, through research and knowledge-sharing; and Capital, through separately governed investment initiatives pursued where there is mutual interest," it said.

"For SOFAZ, the establishment of CAJIC represents a further step in the evolution of its investment engagement in the region," the Fund said.

SOFAZ accumulates proceeds from the sale of oil contracts, in particular from sales of the state's profitable oil and gas, transit tariffs for transporting oil and gas on Azerbaijani territory and from renting state property.