SOFAZ Revenue and Expenditure Statement for January-June 2014
Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-June, 2014 reached 6 493.6 mln. manats, while budget expenditures constituted 5 163.1 mln. manats.
Revenue of 6 374.8 mln. manats was received from the implementation of oil and gas agreements, including 6 355.4 mln. manats from the sale of profit oil and gas, 4.4 mln. manats as transit payments, 13.3 mln. manats as bonus payments and 1.7 mln. manats as acreage fees.
The revenues from managing assets of the Fund for January-June 2014 amounted to 118.8 mln. manats.
As per 2014 budget of the Fund, 4 883.8 mln. manats were transferred to the state budget. The expenditures in the amount of 177.3 mln. manats were directed to financing the improvement of socio-economic conditions of refugees and internally displaced persons. 11.0 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system, 19.6 mln. manats were directed to financing Baku-Tbilisi-Kars railway construction and 5.2 mln. manats were directed to financing "The state program on the education of Azerbaijan youth abroad in the years 2007-2015". Fund directed 40.0 mln. manats to financing of shares belonging to the state in the joint-stock company established for management of the projects within the second phase of the Shah-Deniz gas and condensate field's development, expansion of the South Caucasus Pipeline, TANAP and TAP. The Fund's administrative and operational expenses for the reporting period were 26.2 mln. manats.
The Fund's extra-budgetary revenues related to the revaluation of foreign exchange totalled 6.5 mln. manats. SOFAZ’s extra-budgetary revenues related to price changes of gold amounted to 78.1 mln. manats while extra-budgetary expenses related to price changes of USD, EURO, GBP and other currencies totalled 71.6 million manats.
The assets of SOFAZ as of July 1, 2014 has grown by 4.86% compared to the beginning of 2014 (USD 35 877.5 mln.) and stood at USD 37 622.4 mln.
Starting from 2012 the Oil Fund has begun purchase of gold and the amount of gold as of July 1, 2014 was 30 tons 175 kg (970 146 ounces).
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- Social
- 21 July 2014 17:31
Economics
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Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
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Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
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Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
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The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
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