Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2013 reached 10 086.0 million manats, while budget expenditures constituted 8 746.7 million manats.
Revenue of 9 774.8 mln. manats was received from implementation of oil and gas agreements, including 9 766.8 mln. manats from the sale of profit oil and gas, 1.7 mln. manats as acreage fees, 6.0 mln. manats as transit payments, 0.3 mln. manats as bonus payments and 0.06 mln. manats from the sale of assets received from foreign companies.
The revenues from managing assets of the Fund for January-September 2013 amounted to 311.2 mln. manats.
As per 2013 budget of the Fund, 8 339.9 mln. manats were transferred to the state budget. The expenditures in the amount of 249.3 mln. manats were directed to financing the improvement of social condition of refugees and internally displaced persons, 106.4 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system. 10.9 mln. manats were directed to financing Baku-Tbilisi-Kars railway construction and 12.4 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 for the repoting period were 27.8 mln. manats.
The Fund's extra-budgetary expenditures related to the revaluation of foreign exchange totalled 38.7 million manats.
The assets of SOFAZ as of October 1, 2013 has grown by 4.9% compared to the beginning of 2013 (USD 34 129.4 mln.) and stood at USD 35 809.2 mln.
Starting from the first quarter of 2012 the Oil Fund has begun purchase of gold and the amount of purchased gold as of October 1, 2013 was 26 tons 442 kg (850 146 ounces).
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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