Until now State Oil Fund of Azerbaijan (SOFAZ) spent $844 million to fund the republic’s share in construction of Star oil refinery in Turkey.
SOFAZ reported that out of total cost of the project of $5.6 billion $844 million has been allocated from SOFAZ’s budget to fund Azerbaijan’s share in construction of STAR oil refinery, of which $84 million during 6 months, 2016.
In 2016 a total of $204.8 million will be allocated from SOFAZ for this purpose.
In 2013-2014 SOFAZ spent $760 million for construction of STAR oil refinery. In early 2015 SOFAZ said it is going to stop funding the project, but resumed the funding this year after amendments to the SOFAZ’s budget for fiscal year 2016.
Foundation of Star oil refinery with the capacity of 10 million tons of oil a year was laid on October 25, 2011 in Izmir. The plant is planned to be launched in early 2018. In June 2014 SOCAR Turkiye Enerji signed credit agreements with 23 commercial banks to fund construction of STAR oil refinery. $3.29 billion has been borrowed.
Economics
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But Putin Says It's "Virtually Impossible" Due to Zelensky's Position Slovak Prime Minister Robert Fico visited Moscow on Sunday to discuss energy issues, becoming the third EU country leader to hold talks with Vladimir Putin since Russia's 2022 invasion of Ukraine. Prior visits include Austrian Chancellor Karl Nehammer in April 2022 and Hungarian Prime Minister Viktor Orbán in July 2024. Slovakia is also a NATO member.
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Environmental, Social, and Corporate Governance (ESG) principles have emerged as a transformative force in modern business practices, reshaping priorities across industries. This was a key theme highlighted by Orkhan Mammadov, Chairman of the Management Board of the Small and Medium Business Development Agency (KOBIA), at the conference "Labor Relations, Occupational Safety, and Human Resources as Key ESG Approaches," held on Monday in Baku.
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A detailed review of legislative norms and e-government services across various business environment domains has been prepared and published by the working group of the Business Environment and International Ratings Commission, focusing on electricity network connections.
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The draft law "On Amendments to the Tax Code," adopted in its third reading, provides for tax exemptions on the sale of locally manufactured buses in Azerbaijan and the supply of spare parts for these vehicles. This was reported by the Tax Service under the Ministry of Economy, explaining that the government's initiative aims to support business development in the country by reducing the tax burden. The exemption will come into effect on January 1, 2025, and will remain valid for eight years.
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