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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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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