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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The Azerbaijani government has adopted new guidelines to facilitate employment for individuals with special social protection needs and those facing difficulties in securing jobs. The resolution, approved on December 29 by the Cabinet of Ministers, outlines targeted programs aimed at job creation through public-private collaboration.
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The Cabinet of Ministers of Azerbaijan has approved new regulations to facilitate targeted employment programs aimed at supporting individuals with special social protection needs and those facing employment challenges. The measures, under the State Employment Agency, seek to enhance job creation in priority economic sectors.
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The Cabinet of Ministers of Azerbaijan has announced key amendments to various regulatory acts to ensure compliance with the law adopted on May 24, 2024, aimed at updating the Tax Code, the Customs Code, and laws on state duties and licensing.
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The Azerbaijani Cabinet has implemented significant changes to energy regulations in line with new laws aimed at enhancing the country’s electrical infrastructure. A decree signed by Prime Minister Ali Asadov on December 29 introduces amendments to several prior governmental decisions and cancels previous regulations, including a key rule on electricity production and equipment operation limits.
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