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 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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