In 2015 incomes of SOFAZ from the Azeri-Chirag-Guneshli (ACG) project totaled $6.9 billion.
During 2014 Oil Fund received $15,118,000,000 from sale of profitable oil of the state. Therefore, during last year incomes of the Fund from the ACG project decreased by 54.4%.
The share of proceeds from the ACG in the total portfolio of incomes of the Oil Fund constitutes about 93%. Sharp reduction of SOFAZ’s incomes is connected with reduction of prices for Azerbaijani oil export by 47.5%. In 2014 average price of Azerbaijani oil was $100.9 per barrel and in 2015 – a little over $53.
From 2001 till 2015 SOFAZ received $117 billion from the ACG project implementation.
Azerbaijan received first profit from the ACG in December 1999. The Oil Fund was created at the same time. However, SOFAZ has started to work only in June 2001 and by that time its assets totaled $271 million.—0—
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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