The State Oil Fund of the Republic of Azerbaijan (SOFAZ) reports that as of March 31, 2025, SOFAZ's assets increased by 4.5% totaling 62 740.2 million US dollars, compared to 60 031.4million US dollars at the end of the year 2024.

During the period of January – March 2025, budgetary revenues for the period totaled 3 249.2 million manats, while budgetary expenses amounted to 3 643.3 million manats.

SOFAZ's revenue streams originating from oil and gas agreements stood at 3 017.2 million manats during the same period. This included 2 251.9 million manats from the sale of oil and gas, alongside bonus payments and transit revenues totaling 765.3 million manats. It should be noted that during the reporting period, SOFAZ received 2,001.6 million manats from the Azeri-Chirag-Gunashli (ACG) field and 181.9 million manats from the Shah Deniz field.

Additionally, the return from managing SOFAZ's assets amounted to 232.0 million manats. SOFAZ's extra-budgetary revenues totaled 4999.0 million manats, attributed to revaluations in exchange rates.

Within the framework of the 2025 SOFAZ budget implementation, a total of 3 620.3 million manats were transferred into the state budget during the reporting period. 1.1 million manats were directed to financing the "2019-2023 State Program on increasing the international competitiveness of the higher education system of Azerbaijan," while 14.9 million manats were allocated for the "State Program for the Education of Youth at Prestigious Universities of Foreign Countries for 2022-2028." Additionally, operational expenses of SOFAZ amounted to 7.0 million manats for the January - March 2025 period.

During the January–March 2025 period, SOFAZ sold a total of 2 420.6 million US dollars through auctions conducted in coordination with the Central Bank of the Republic of Azerbaijan.

SOFAZ’s asset growth for the first quarter of 2025 was primarily driven by investment revenue as well as extra-budgetary revenues.

Cooldown in global inflation along with other robust macroeconomic indicators, contributed to declines in the fixed income yields across the markets. Accordingly, SOFAZ recorded capital gains in its fixed income sub-portfolio for the first quarter of 2025.

Recent global economic tensions, coupled with tight regulatory measures in international trade, have contributed to heightened uncertainty in equity markets. This gradually reversed the upward price trend observed earlier in the year, leading instead to revaluation losses. While most of the market losses were concentrated in the US market, recent downturns in the European market also followed a similar trend.

Gold continued its upward trajectory into the first quarter of 2025, building on strong price growth throughout 2024. Amid ongoing geopolitical tensions, gold bullion traded at record highs, enabling SOFAZ’s gold sub-portfolio to generate significant extra-budgetary revenue in the first quarter.