Spent nearly two-thirds of the SOFAR
January 1, 2001 to September 1, 2014, the State Oil Fund of Azerbaijan (SOFAR) as part of a project to develop oil and gas fields block Azeri-Chirag-Gunashli (ACG) field in the Azerbaijani sector of the Caspian received $ 105 billion 802 million.
According to the State Oil Fund, for the first eight months of the year along this line the Fund received $ 10 billion 770 million. By the second half of the year, SOFAR assets, increasing 4.86% as of 1 January, totaled $ 37 billion 622.4 million. This means the rest over 68 billion USD has been spent.
The contract for the development of the ACG, the proven oil reserves of which are approximately 1 billion tons, was concluded in 1994. Participation in the contract is distributed as follows: BP (operator of the Azeri-Chirag-) – 35.78%, Chevron – 11.27%, Inpex – 10.96%, AzACG – 11.65%, Statoil – 8.56 %, Exxon - 8%, TPAO – 6.75%, Itochu – 4.3% and ONGC – 2.72%.
According to the provision of funds under the disposal of the President, its funds may be used for the construction and reconstruction of critical infrastructure and to address important national problems. The main objectives of SOFAR are: accumulation of funds and placement of the fund's assets abroad in order to minimize the negative impact on the economy, to prevent, to some extent, "Dutch disease", to ensure the accumulation of funds for future generations and maintain the current socio-economic processes in the country. --17D-
Economics
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The Green Climate Fund (GCF), an operating entity of the financial mechanism of the UN Framework Convention on Climate Change (UNFCCC) and the body responsible for implementing the Paris Agreement, has included Azerbaijan for the first time in its list of countries eligible for funding.
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The International Telecommunication Union (ITU), the Permanent Mission of the Republic of Azerbaijan to the UN Office in Geneva and the Ministry of Digital Development and Transport organized for the heads of about 30 diplomatic missions accredited in Geneva a special briefing on the initiative "Green Digital Action", which will be presented during COP29 in November in Baku, the Ministry of Digital Development and Transport of Azerbaijan reported.
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As a member of the International Renewable Energy Agency (IRENA) Council, Azerbaijan participated in the 28th meeting of this Council in Abu Dhabi (UAE).
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Azerbaijan’s imports of animal and vegetable fats and oils climbed 23.9% by weight and 16.2% by value from January to September 2024, official data revealed. Despite the uptick in volume, the import cost of these products saw a decrease compared to the same period last year, with the cost per ton of vegetable oil falling by 6.1% to $1,199.6 in 2024, down from $1,278.6 in 2023.
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