SOFAZ Reports on January-September
In January-September the assets of the State Oil Fund of Azerbaijan (SOFAZ) amounted to 34 billion 738.1 million (minus 6.38% to the beginning of the year).
According to the report, its revenues were at the level of 5 billion 543.4 million at a cost of 6 billion 397.1 million manats.
The income includes proceeds from the sale of profit oil and gas (5 billion 479,500,000), transit revenues - 8.4 million, bonus payments - 2.1 million and acre payments - 2.2 million manats. The revenues from managing assets of the Fund amounted to 51.2 million manats.
Traditionally, the most popular item of expenditure became transfers to the state budget - 5 billion 650 million manats. Among other major projects funded there will be the Southern Gas Corridor - 489.3 million, improvement of living conditions of refugees - 130.4 million manats, reconstruction of the Samur-Absheron irrigation system - 67.8 million manats, construction of the railway Baku-Tbilisi Kars - 22 6 million manats. In addition, the money spent on the financing of the state program on education of Azerbaijani youth abroad - 16.8 million manats and administrative expenses for fund management - 20.2 million manats.
SOFAZ budget revenues associated with changes in foreign currency amounted to 7 billion 828.3 million manats. --17D-
Economics
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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.
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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.
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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.
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"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.
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