Placement of currency would bring the State Oil Fund of Azerbaijan (SOFAR) next year 380 million AZN ($ 480 million).
As told reporters when discussing the parliamentary committees draft budget for 2014 on Monday the Executive Director Shahmar Movsumov, the overall revenue of SOFAR is projected at 11 billion 627 million manat and the expenses - 11 billion 291 million manats with surplus to 336 million manat.
The official said that while the current budget is a surplus despite last year's forecasts. The reason for that is the favorable price situation on the world oil markets. As a result, the budget of the fund will be increased, which will affect the growth of assets (+ $ 1 billion).
For the record - as of October 1, 2013 SOFAR assets were $ 35 billion 809.2 million; the revenue for 2013 was approved at the level of 11 billion 482 million 40.4 million manat, and the expenses - 13 billion 403 million 99.4 thousand manats.
The fund accumulates revenues from oil contracts, in particular from the sale of profit oil by the state, transit tariffs for the transportation of oil and gas across the country, the rental of state property, etc. - 17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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