By October 1, 2014 profit of the government from the Shah Deniz Phase 1 totaled $409 million.
From 2011 to 2013 Azerbaijan’s profit from the Shah Deniz project varied between $365 and 383 million.
As we can see, this year the incomes have increased significantly. A source from the Shah Deniz consortium told Turan, this is connected with two factors. At first, the volume of export of gas extracted from the field has increased. Secondly, the commercial constitutent of export has increased. The consortium has increased commercial sale of gas at the Georgian market, which was absent during six months last year (before that the Georgian market received only transit volume of gas from the Shah Deniz field).
According to the Azerbaijan State Oil Fund (SOFAZ), since 2007 the Fund received $2,006,000,000 from the project.
The resources of the Shah Deniz field are estimated at 1.2 trillion cub.m. of gas. The contract for development of Shah Deniz offshore field was signed on June 4, 1996.
The State Oil Fund was created in 199. By October 1, 2014 SOFAZ received about $110 billion from the production sharing agreements (PSA), of which $107.2 billion fell to the bloc of Azeri-Chirag-Guneshli fields.—0—
Economics
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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