Since mid-2007 till September 1, 2015 the Azerbaijan State Oil Fund (SOFAZ) received $2,367,000,000 from development of the Shah Deniz gas condensate field in the Azerbaijani sector of the Caspian Sea.
According to SOFAZ, from January to August 2015 the Oil Fund received $247 million from the Shah Deniz project.
During 2014 SOFAZ’s incomes from the Shah Deniz project totaled $523 million.
* The resources of the Shah Deniz field are estimated at 1.2 trillion cub.m. of gas. The contract for the Shah Deniz development was signed on June 4, 1996. The field was discovered three years later and its development started at the end of 2006.
** SOFAZ was established on December 29, 1999, it started operating in June 2001 and by that time its assets totaled $271 million. By July 1, 2015 SOFAZ’s assets totaled $35,783,300.
SOFAZ’s peak incomes were in 2011 - $19.99 million. The Fund received the first incomes exceeding a little over $ 1billion in 2006.—0—
Economics
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The Turkish company Aksa Doğalgaz, part of Kazancı Holding, has announced the completion of the contractual process to purchase the gas distribution companies Bursagaz and Kayserigaz. These companies have been operating under SOCAR Türkiye Energy AS (STEAS) since 2019, according to Aksa Doğalgaz.
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Azerbaijan's Cabinet of Ministers has introduced new regulations establishing the minimum royalties for authors of state-commissioned films, aiming to promote creative works reflecting the country's national identity and cultural values.
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Tea imports to Azerbaijan have increased. According to the State Customs Committee, from January to November 2024, tea imports grew by 3.3% year-on-year to 12,893 tons in volume and by 4.5% in value, amounting to $67.715 million.
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Azerbaijan’s State Railways (ADY) reported a 28% year-on-year increase in transit cargo volumes through the North-South International Transport Corridor (NSTC) in 2024, reaching 814,000 tonnes. This growth underscores the country’s concerted efforts to unlock the strategic potential of the corridor, which connects Northern Europe and Russia to the Indian Ocean.
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