According to the forecast of the consolidated budget, which was submitted to the Azerbaijan Milli Mejlis (parliament), in fiscal year 2014 budget of State Oil Fund of Azerbaijan (SOFAZ) will have no deficit.
Next year Oil Fund’s incomes are forecasted at 11,626,900,000 AZN ($14,849,000,000), while expenses – 11,291,800,000 AZN ($14,421,200,000). The forecasted proficit will total 335.1 million AZN ($427.8 million).
The budget of SOFAZ for fiscal year 2013 was approved with the deficit of 1,918,000,000 AZN (about $2.4 billion), though SOFAZ will hardly end the year with such a deficit. During 9 months, 2013 average export price of Azerbaijani oil was forecasted at $100 per barrel. On the other hand, the Fund has not funded some projects and implementation of some projects will start only in quarter 4, 2014. This has helped to significantly reduce the Oil Fund’s costs.—0—
Economics
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Azerbaijan’s Milli Majlis ratified the second amendment to the agreement on the joint development of the Azeri-Chirag-Gunashli (ACG) oil and gas block during its plenary session on Wednesday. The bill was submitted to parliament as a legislative initiative by President Ilham Aliyev.
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The 104th meeting of the Commonwealth of Independent States (CIS) Economic Council was held in the Russian capital, with representatives from member states discussing enhanced economic collaboration and key regional initiatives. Azerbaijan was represented by First Deputy Prime Minister Yagub Eyyubov.
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Azerbaijan’s Information and Communication Technologies Agency (IKTA) reported significant improvements in the quality of internet and telecommunications services in the first half of 2024, driven by a comprehensive assessment framework and enhanced regulatory measures.
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In 2024, Azerbaijan will double its gas supply to Bulgaria, which not only uses this gas for its own needs but also partially sends it to its Balkan Gas Hub and, by agreement with SOCAR, organizes the transit of various volumes to its neighbors.
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