The Ministry of Finance of Azerbaijan has published the final report (http://maliyye.gov.az/sites/default/files/2015%20hesabat.pdf) on the execution of the state budget for 2015. According to official data, the state budget revenues, when executed by 90%, amounted to 19 billion 438 million AZN (minus 4.9% to 2014).
Of these, 46.5% or 8.13 billion AZN was the share of transfers from the State Oil Fund, 40.7%, or 7 billion 118.3 million AZN was received through the Ministry of Taxes, 9.1% or 1 billion 591.9 million AZN - through the State Customs Committee, and the remaining 657.8 million AZN came to the treasury from other sources, including the budgetary organizations. --17D-
Economics
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Azerbaijan’s drive to attract investment into its industrial and agricultural zones is gaining momentum, with the government registering 31 new resident companies across economic zones in 2023. The Economic Zones Development Agency (EZDA) also granted non-resident status to one company, marking a new phase in the country’s efforts to stimulate economic growth in post-conflict areas and beyond.
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The State Oil Company of Azerbaijan (SOCAR) is stepping up its international expansion in upstream operations, marking a strategic shift in its global portfolio. The company’s recent acquisitions— a 10% stake in Israel’s Tamar gas field and a 3% share in the SARB and Umm Lulu offshore oil projects in Abu Dhabi—signal its growing ambitions beyond Azerbaijan’s borders.
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BP plans to drill 19 wells at the Azeri-Chirag-Guneshli (ACG) oilfield block in 2025, maintaining its drilling activity at the same level as in 2024, a senior company executive said on Tuesday.
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The International Association of Drilling Contractors (IADC) opened its annual "IADC Drilling Caspian" conference in Baku on Tuesday, bringing together industry leaders to discuss advancements in oil and gas drilling, as well as the growing role of geothermal energy.
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