By October 1, 2014, State Oil Fund of Azerbaijan (SOFAZ) received $107,254,000,000 from development of bloc of oil and gas fields Azeri-Chirag-Guneshli (ACG).
According to SOFAZ, this a total volume of earnings since 2001 when the Oil Fund has actually started to work.
Since early 2014 the volume of earnings from this project totaled 12,222,000,000.
According to Turan, in September 2014 the earnings to the Fund from ACG totaled $1,452,000,000.
By July 1, 2014, SOFAZ’s assets increased by 4.86% against early year ($35,877,000,000) and totaled $37,622,000,000.
The data of earnings from the Shah Deniz project are modest. During seven years of the project implementation (from 2007 to October 2014) the earnings totaled a little bit over $2 billion. The earnings since early year totaled $409 million.—0—
Economics
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The Green Climate Fund (GCF), an operating entity of the financial mechanism of the UN Framework Convention on Climate Change (UNFCCC) and the body responsible for implementing the Paris Agreement, has included Azerbaijan for the first time in its list of countries eligible for funding.
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The International Telecommunication Union (ITU), the Permanent Mission of the Republic of Azerbaijan to the UN Office in Geneva and the Ministry of Digital Development and Transport organized for the heads of about 30 diplomatic missions accredited in Geneva a special briefing on the initiative "Green Digital Action", which will be presented during COP29 in November in Baku, the Ministry of Digital Development and Transport of Azerbaijan reported.
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As a member of the International Renewable Energy Agency (IRENA) Council, Azerbaijan participated in the 28th meeting of this Council in Abu Dhabi (UAE).
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Azerbaijan’s imports of animal and vegetable fats and oils climbed 23.9% by weight and 16.2% by value from January to September 2024, official data revealed. Despite the uptick in volume, the import cost of these products saw a decrease compared to the same period last year, with the cost per ton of vegetable oil falling by 6.1% to $1,199.6 in 2024, down from $1,278.6 in 2023.
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