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 Information and Communication Technologies Agency (ICTA) held a meeting with representatives of internet service providers (ISPs) and telecom operators to address concerns over the accuracy of reported internet speeds and the country’s ranking in global broadband performance indices.
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Bulgaria considers Azerbaijan a key strategic partner in the energy sector, as the country plays a crucial role in diversifying gas supplies and strengthening regional energy security, Bulgaria’s newly appointed Energy Minister Jecho Stankov said during a meeting with an Azerbaijani delegation.
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Rovshan Najaf, president of Azerbaijan’s state oil company SOCAR, met with Majid Jafar, CEO of Crescent Petroleum, on February 6 to discuss potential avenues for collaboration in the energy sector. The meeting marked an important step in strengthening ties between the two companies, with both sides exchanging insights on their respective operations and assessing opportunities of mutual interest.
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Rovshan Najaf, president of the State Oil Company of Azerbaijan (SOCAR), met with Sašo Berger, chairman of Slovenian energy company Petrol dd, and Simon Urbanc, CEO of Geoplin doo, on February 6, underscoring growing cooperation in the natural gas sector between Azerbaijan and Slovenia.
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