Assets of the State Oil Fund of the Azerbaijan Republic (SOFAR) increased over the first six months of 2013 by $ 549 million or 1.6% to $ 34,678.4 million.The budet revenues of the Fund decreased compared to the same period last year by 9.9% to $ 6,726.4 million manat, and expenses increased by 18.7% to 5791.2 million manat.
According to the Fund, the main part is the icome receioved from the implementatio of the oil and gas contracts - 6488.7 million manats, including the sale of profit oil and gas - 6482.8 million manats. Transit payments - 3.9 million manat, bonus payments - 0.3 million manat, and income from assets transferred to foreign companies - 0.04 million manat.
Income from the management of Fund assests over six months of the year amounted to 237.7 million manat, which is by 18.6% less compared to January-June 2012.
During the reporting period, SOFAR financed measures to improve the social and living conditions of refugees and internally displaced persons worth 157.5 million manat, the project of reconstruction of the Samur-Absheron irrigation system AZN 74 million. Expenditure on training of students abroad by the state program for 2007-2015 in the period equaled 6.3 million manat. To finance the railway project "Baku-Tbilisi-Kars" were spent 2.9 million manat. Transfers to the state budget amounted to 5534.6 million manat. The costs associated with managing the oil fund equaled 15.9 million manats.
Since the first quarter of last year, the fund began investing in gold, as a result, as of July 1, 2013 it were purchased 22399 kg. (720,146 ounces) of gold.
Extra-budgetary expenses from revaluation of foreign currency assets of the Fund for the reporting period amounted to 521.6 million manat. --15B--
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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