In quarter 1, 2016 assets of the Oil Fund suddenly increased
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—
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- Social
- 23 April 2016 17:06
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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