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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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