Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2012 reached 10 076.4 million manats, while budget expenditures constituted 7 531.0 mln. manats.
Revenue of 9 636.0 mln. manats was received from implementation of oil and gas agreements, including 9 625.7 mln. manats from the sale of profit oil and gas, 5.7 mln. manats as transit payments, 1.6 mln. manats as bonus payments, 2.8 mln. manats as acreage fees and 0.2 mln. manats from sale of assets received from foreign companies.
The revenues from managing assets of the Fund for the reporting period amounted to 440.4 mln. manats.
The Fund's extra-budgetary revenues related to the revaluation of foreign exchange totaled 79.3 mln. manats.
As per 2012 budget of the Fund, 7 038.4 mln. manats were transferred to the state budget. The expenditures in the amount of 251.1 mln. manats were directed to financing of improvement of social condition of refugees and internally displaced persons, 115.1 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system. 97.0 mln. manats were directed to financing Baku-Tbilisi-Kars railway and 8.3 mln. manats were directed to financing "The state program on the education of Azerbaijan youth abroad in the years 2007-2015". The Fund's administrative and operational expenses in this period were 21.1 mln. manats.
The assets of SOFAZ as of October 1, 2012 has grown by 11.4 % compared to the beginning of 2012 (USD 29 800.0 mln.) and stood at USD 33 192.4 mln. –12D--
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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