More than 90.84% ??of the total expenditures ($ 78.4 billion of $ 86.3 billion) of the State Oil Fund of Azerbaijan (SOFAZ) amounted to transfers to the state budget. In addition, during the entire period the extra-budgetary expenditures of the SOFAZ investment portfolio due to exchange rate fluctuations amounted to approximately $ 5 billion.
According to the information from SOFAZ, its total income for the entire period of activity totaled $ 124.9 billion.
Recall, at the time of creation of the fund in 1999, its assets amounted to $ 271 million.
By October 1, the Fund's assets amounted to $ 34.74 billion (minus 6.38% as of 1 January, when it was $ 37.1 billion). --17D-
Economics
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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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