Since 2001 till the end of 2015 incomes of State Oil Fund of Azerbaijan (SOFAZ) totaled $124.9 billion.
According to the audited report of SOFAZ, during 15 years 26.9% of funds or $33.57 billion has been spent for accumulation and 73.1% or $91.33 billion has been spent.
According to SOFAZ, the main part of the funds accumulated in SOFAZ has been transferred to the state budget of Azerbaijan. From 2013 to 2015 the volume of transfers from SOFAZ to the state budget totaled 63.9 billion AZN, of which 8.13 billion AZN in 2015. By the end of 2015 SOFAZ’s assets totaled $33.57 billion and during a year dropped by 9.5%.—0—
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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