The State Oil Fund issued a report on the financial performance for 2015, according to which the reserves of the Fund for the year decreased by $ 3.6 billion and accounted for $ 33.5 billion at the beginning of 2016.
For 2015 the budget revenues of the Oil Fund amounted to $ 7.3 billion, which is $ 8.8 billion less than in 2014. Budget expenditures of the Fund in the past year totaled $ 8.7 billion (2014 - $ 12.8 billion).
Since the establishment of SOFAZ (2000), its budget has never been in short supply. The Fund completed 2015 with a deficit of $ 1.4 billion.
Reducing SOFAZ currency reserves is associated with the loss of value of currency and so on assets (real estate and gold). ----08D
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