The State Oil Fund issued a report on the financial performance for 2015, according to which the reserves of the Fund for the year decreased by $ 3.6 billion and accounted for $ 33.5 billion at the beginning of 2016.
For 2015 the budget revenues of the Oil Fund amounted to $ 7.3 billion, which is $ 8.8 billion less than in 2014. Budget expenditures of the Fund in the past year totaled $ 8.7 billion (2014 - $ 12.8 billion).
Since the establishment of SOFAZ (2000), its budget has never been in short supply. The Fund completed 2015 with a deficit of $ 1.4 billion.
Reducing SOFAZ currency reserves is associated with the loss of value of currency and so on assets (real estate and gold). ----08D
Economics
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The final investment decision (FID) for the construction of the Shafag Solar Power Plant (SPP), based on a feasibility study, is expected in 2025, BP Vice President for the Caspian Region Bakhtiyar Aslanbayli told journalists on Friday.
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BP Plc plans to start gas production from the deep gas reservoirs of the Azeri-Chirag-Gunashli (ACG) block by the end of 2025, BP-Azerbaijan's head of press service, Tamam Bayatly, told reporters.
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In a strategic move to bolster innovation and technological advancement, Azerbaijan’s İRİA (Innovation and Digital Development Agency) and Israel Aerospace Industries (IAI) have signed a Memorandum of Understanding (MoU). The agreement aims to deepen economic, industrial, scientific, and technological collaboration between the two countries.
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BP, on behalf of its partners in the Azeri-Chirag-Gunashli (ACG), Baku-Tbilisi-Ceyhan (BTC), Shah Deniz, and South Caucasus Pipeline projects—including SOCAR, TPAO, LUKOIL, SGC, NICO, MOL, INPEX, ExxonMobil, ITOCHU, ONGC Videsh, Eni, MVM, and TotalEnergies—has announced the successful conclusion of the latest round of the "Skills for the Future" educational project, launched in 2023.
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