The State Oil Fund of Azerbaijan (SOFAR) received in the aggregate (2001-2013 years) $ 101 billion.
The report on the fund’s financial performance last year said this amount of just over a third (36%) was directed to the accumulation and the rest (64%) was used for various purposes, including transfers to the state budget. Thus, in the years 2003-13 budget holes were "patched" by infusion of reserve 46 billion 435 million manats (11.35 billion occurred in the last year).
Last year, the fund added $ 17 billion 329.2 million, of which only 9.5 % of the funds were directed to the accumulation (for comparison - in 2012 the accumulation of funds was directed 24.9% or $ 17 billion 405.4 million).
SOFAR assets by the end of last year were $ 35 billion 877.5 million (5.12 % per year). Most of the fund’s assets (90%) accounted for securities with a stable income. Profitability of the investment portfolio was 1.77 %. In 2007-2013 the average yield of the portfolio of the Fund was 2.46 % per year.
The Oil Fund of Azerbaijan, in which only the manager is the head of state, was created in 1999. It accumulates revenues from the sale of oil contracts, in particular from the sale of profit oil, transit tariffs for the transportation of oil and gas across the country, from the lease of state property, etc. - 17D-
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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