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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Azerbaijan is set to significantly increase the proportion of electricity generated from renewable sources, currently standing at 14.4%, Deputy Economy Minister Samad Bashirli announced on Thursday at the Think Tanks Forum of the Organization of Economic Cooperation (OIC) held in Baku.
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Azerbaijan has entered into a partnership with Italian energy firm Technip Energies SpA to implement a pyrolysis oil production project aimed at enhancing waste recycling and promoting sustainable development, officials said on Tuesday.
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Belarus and Azerbaijan signed multiple cooperation agreements on Tuesday following talks between Belarusian Prime Minister Roman Golovchenko and Azerbaijani Prime Minister Ali Asadov during Asadov’s official visit to Minsk on October 3.
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Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
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