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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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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