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 Economy Minister Mikayil Jabbarov held discussions with Jérôme Beaumont, Executive Secretary of the Egmont Group, a financial intelligence organization, during the COP29 conference.
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November 16 (Reuters) - Azerbaijan’s Minister of Economy, Mikayil Jabbarov, met with Marco Arcelli, CEO of Saudi Arabia’s ACWA Power, during the COP29 climate summit to review the progress of joint projects in renewable energy.
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Azerbaijan's Minister of Economy, Mikayil Jabbarov, held talks with Heather Evans, Deputy Assistant Secretary for Manufacturing at the U.S. International Trade Administration, focusing on bolstering bilateral ties in energy, trade, and green development.
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The process of securing financing for the construction of the Bilasuvar solar power plant with a capacity of 445 MW and the Neftchala solar power plant with a capacity of 315 MW has been successfully completed.
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