By April 1, 2016 assets of the State Oil Fund (SOFAZ) increased by 2% against early year ($33.57 billion) and totaled $34.25 billion.
SOFAZ’s incomes totaled 2.02 billion AZN, while costs – 1.95 billion AZN.
In quarter 1, 2016 SOFAZ’s incomes from the rate difference totaled 354.1 million AZN.
During this period incomes from implementation of oil and gas contracts totaled 1,874 billion AZN, of which incomes from sale of profitable oil and gas – 1,869 billion AZN and incomes from transit operations – 4.4 million AZN. SOFAZ’s incomes from management of its own funds totaled 148.8 million AZN during this period.
Transfers from the SOFAZ to the state budget totaled 1.66 billion AZN. 26.5 million AZN has been spent for the needs of refugees and internally displaced people, 6.3 million AZN to fund reconstruction of the Samur-Absheron irrigation system, 5million AZN to train Azerbaijani students abroad and 2.4 million AZN for construction of the Baku-Tbilisi-Kars railway. During quarter 1, 2016 costs for the Fund management totaled 4.6 million AZN.
In quarter 1, 2016 SOFAZ’s costs to fund share of the government in the Southern Gas Corridor, which was created within the framework of TANAP and TAP to export Azerbaijani gas to Europe, totaled 241.9 million AZN.-0—
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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