Today the State Oil Fund of Azerbaijan (SOFAZ) through the second July auction, organized by the Central Bank of Azerbaijan, has sold another $50 million, this time to 27 financial institutions (in the country 33 operating banks.) According to SOFAZ, in April he exposes not $100 million, as before, but half the amount, although the need for banks in the currency is much higher. In the last auction the CBA is not directly involved as a buyer. In general, the State Oil Fund in conjunction with the CBA sold about $ 325.5 million in August.
According to the fund management, the sale of foreign currency will continue during 2016. Implementation of foreign currency fund transfers carried out in the framework of the state budget allocated for this year of $7.615.000 AZN. By January 1, SOFAZ’s assets amounted to $ 33.57 billion (minus 9.5% in early 2015.) --17D-
Economics
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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Global diesel prices and refining margins have spiked following the latest U.S. sanctions targeting Russian oil trade, as markets brace for reduced supply, analysts and LSEG data indicate.
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Azerbaijani President Ilham Aliyev hosted Georgian Prime Minister Irakli Kobakhidze on Friday for high-level talks aimed at further developing the strategic partnership between the two neighboring countries in the South Caucasus.
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