From January to July 2015 incomes of the State Oil Fund of Azerbaijan (SOFAZ) from sale of profitable oil of the state from the Azeri-Chirag-Guneshli (ACG) project totaled $4,602,000,000, reported SOFAZ press office.
According to SOFAZ, since beginning of the SOFAZ operation in June 2001 till August 1, 2015, total incomes within the ACG reached $114,752,000,000.
Total ACG incomes constituted about 93% of all earnings of SOFAZ.
By July 1, 2015 total assets of SOFAZ reached $35,783,300,000.—0—
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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