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
-
Food prices in Azerbaijan’s capital, Baku, increased by 5% during the first nine months of 2024, highlighting rising inflationary pressures in the domestic market, the Turan agency reported.
-
Global grain prices continued their downward trajectory in August, as the FAO grain price index slipped 0.5% from July and a sharp 11.9% year-on-year decline, reflecting weakening demand and intensifying competition among major exporters. Wheat prices were particularly impacted by higher-than-anticipated production levels in Argentina and the United States, exerting additional downward pressure on the international market.
-
Azerbaijan’s national air carrier, AZAL, has enhanced its international travel offerings through a new partnership with Ethiopian Airlines, providing passengers with increased connectivity and convenience for global travel, the airline announced on Monday.
-
The Azerbaijan Trade Forum, held on October 7, underscored the vital role of small and medium-sized enterprises (SMEs) in enhancing the country’s non-oil exports. Jointly organized by the Small and Medium Business Development Agency (SMBDA) and the Association of Customs and Logistics Companies of Azerbaijan, and supported by Pasha Holding, the event brought together stakeholders from various sectors, including import-export, logistics, production, and customs representation.
Leave a review