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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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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