From 2003 to the end of 2014 the total volume of transfers to the state budget from the State Oil Fund (SOFAR) totaled 55 billion 772 million manat.
As the Fund said, about one-sixth (9 billion 337 million manat) fell on payments in 2014.
SOFAR was founded on 29 December 1999 and is the budget state institution accountable only to the President.
The fund accumulates income from the sale of oil contracts, in particular, from the sale of profit oil and gas of the state, transit tariffs for transportation of oil and gas across the country, the lease of state property and others. --17D-
Economics
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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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