By November 1, 2014 incomes of the state from sale of profitable oil from ACG totaled $108,510,000,000, which has been accumulated on the accounts of the State Oil Fund of Azerbaijan Republic (SOFAZ).
During 10 months, 2014 $13,478,000,000 has been transferred to SOFAZ from sale of profitable oil from ACG project.
Azerbaijan received the first profitable oil from the ACG in December 1999.
The production sharing agreement (PSA) for ACG development expires in December 2024. According to the Azerbaijani geologists, since 2025 ACG will have 350-400 million tons of extractible resources.—0—
Economics
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Azerbaijani President Ilham Aliyev signed a decree on Monday aimed at improving social welfare, increasing the country’s minimum monthly wage to 400 manats ($235) starting January 1, 2025.
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Turkish companies YDA and ASFAT plan to build a shipyard near Kazakhstan's port of Kuryk to address the country's domestic fleet shortage, Kazakhstan's Minister of Transport Marat Karabaev announced on Monday during a parliamentary session. The project underscores Kazakhstan's ambitions to strengthen its maritime capabilities and logistics infrastructure.
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Kazakhstan's Minister of Transport, Marat Karabayev, unveiled the country’s bold roadmap for transforming itself into a premier transport and logistics hub in Eurasia. Speaking in parliament on Monday, Karabayev detailed strategies to capture a share of the massive $1 trillion annual freight flows between the East-West and North-South corridors.
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The ASCO-owned ferry "Shahdag," freshly refurbished, has resumed operations on the Azerbaijan-Kazakhstan route, aiming to alleviate severe truck congestion at ports on both sides of the Caspian Sea.
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