In 2016 Oil Fund deficit expected to be 1.55 billion AZN
Next year budget revenues of the State Oil Fund of Azerbaijan (SOFAZ) forecast to be 6,711,564,100 AZN, down 3.53 billion AZN (34.5%) against the forecast for year 2015. This is information from the SOFAZ draft budget, which has been submitted for consideration of President after its approval by the Oil Fund’s Observation Council.
According to the draft budget, next year the Fund’s expenses are planned at 8,261,399,700 AZN (down 33.4% or 4.1 billion AZN against volume expected in 2015).
According to Turan, in 2016 Fund’s deficit is expected to be 1,549,835,600 AZN. This year SOFAZ’s deficit is expected to be about 1.1 billion AZN.
In 2016 SOFAZ’s transfers to the state budget are expected to be 6 billion AZN, down 4,388 billion AZN (42.2%) against 2015.
By October 1, 2015, SOFAZ’s assets decreased by 6.38% against early year ($37.1 billion) an totaled $34.74 billion.—0---
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- Economics
- 25 November 2015 14:35
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- Question-answer
- 25 November 2015 14:51
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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