Since 2001 till September 1, 2015 the State Oil Fund of Azerbaijan (SOFAZ) has received $115,092,000,000 from development of the bloc of oil and gas fields Azeri-Chirag-Guneshli (ACG) in the Azerbaijani sector of the Caspian Sea.
According to SOFAZ, from January to August 2015 $4.94 billion was transferred to the Fund from ACG.
SOFAZ’s incomes into ACG constituted over 93% of all proceeds of the Fund. In 2014 SOFAZ’s incomes totaled $16.2 billion, of which proceeds from ACG totaled over $15.1 billion.
The shares in the contract are distributed as following: BP (ACG operator) – 35.78%, Chevron – 11.27%, "Inpex" – 10.96%, AzACG – 11.65%, "Statoil" – 8.56%, "Exxon" – 8%, ТРАО – 6.75%, "Itochu" – 4.3% and ONGC – 2.72%.
* By July 1, 2014 SOFAZ’s assets totaled $35,783,300,000.—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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