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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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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