About two-thirds of income of SOFAR aimed at plugging budget holes
From the beginning of 2003 to October 1, 2014 the total volume of transfers to the state budget from the State Oil Fund of the Republic of Azerbaijan (SOFAR) amounted to 53 billion 834,700,000 manat. Given the fact that during this time its account received about 90 billion manat, it's a lot (60%).
According to the Fund, since the beginning of this year the volume of transfers from the State Oil Fund to the state budget amounted to 7 billion 399,700,000 manat.
SOFAR was created by the presidential decree of 29 December 1999 and is the budget state institution, accountable only to the President. It accumulates revenues from the sale of oil contracts, in particular, from the sale of profit oil and gas of the state, transit tariffs for the transportation of oil and gas in the country, from the lease of state property and so forth. --17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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