Assets of the State Oil Fund of Azerbaijan (SOFAR) continue growing, despite high expenditures.
SOCAR press office reported that by December 1, 2012 assets of the Fund reached 33,895,000 AZN.
According to SOFAR's last report, during quarter 3, 2012 by October 1, 2012 assets of SOFAR totaled $33,192,400,000. This means that during 2 months assets of the Fund increased by 2.1% or by $706.2 million. In other words, during first two months of quarter 4, 2012 assets of the Oil Fund grew by average $11.52 million a day.
According to the forecasts, if such a tendency remains in December, during 2012 assets of the Oil Fund will reach $34.2 billion.
By January 1, 2012 assets of the Oil Fund of Azerbaijan totaled $29.8 billion.
Table of SOFAR's costs:
Year Costs (thousand AZN)
2008 4 291 751,4
2009 5 294 496,6
2010 5 428 431,2
2011 9 606 600,0
2012 10 751 304,0
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review