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
-
Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
-
In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
-
A partnership of Azerbaijani companies has submitted an application to participate in the Italian government’s international tender for strategic assets in Italy, Turan reports.
-
It is expected that the average Azerbaijani family will allocate a larger portion of their budget to food in 2025, driven by rising social expenditures and increased wages.
Leave a review