In January 2016 State Oil Fund (SOFAZ) received $442 million from sale of profitable oil from the bloc of Azeri-Chirag-Guneshli (ACG) fields.
Since 2001 till February 1, 2016 $117.5 billion was transferred to SOFAZ from sale of profitable oil of Azerbaijan from the ACG bloc, SOFAZ added.
In 2015 SOFAZ’s income from sale of profitable oil from the ACG totaled $6.9 billion against $15.2 billion last year.
Profit of the state from sale of profitable oil has been going down every year. In January 2016 it dropped to the minimum, because average export price of BTC FOB Ceyhan oil totaled $32.33. Last year the state made $550-600 million a month from the ACG project.—0—
Economics
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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
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