By July 1, 2012 assets of the State Oil Fund of Azerbaijan (SOFAR) totaled $34.5 billion, a source from SOFAR told TURAN.
A source from SOFAR said that by July 1, 2012 SOFAR's total incomes since the day of its creation reached $75.8 billion. $41.3 billion of the Fund's resources have been spent.
By January 1, 2012 SOFAR's assets totaled $29.8 billion. During 6 months, 2012 assets of the Fund increased by $4.7 billion or by 15.8%.
During 2011 growth of SOFAR's assets constituted 30.9%, because of high oil prices at the world markets. This year one should not expect such results for several reasons. First of all, this year Oil Fund's expenses increased by 11.9%, secondly, oil production on the main source of formation of the Oil Fund - Azeri-Chirag-Guneshli field - dropped by almost 10%, thirdly, this year average export price of Azerbaijani oil will be about $100 per barrel, which is down $11.00 against 2011.
One can expect that by the end of the year assets of the Oil Fund will total about $36-36.5 billion.-0---
Economics
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In recent months, an increase in the price of butter has been observed in Azerbaijan. Notably, this is the third price hike within a year. According to consumers, certain brands of butter that cost 19 manats per kilogram at the end of last year are now being sold for 24 manats, marking a nearly 30% increase.
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Azerbaijan has signed an "Agreement on Project Implementation" with China’s BYD Company Limited (BYD) to establish a domestic production line for electric buses, officials announced.
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Russia has reduced its greenhouse gas emissions by more than twofold from the 1990 baseline, Russian Prime Minister Mikhail Mishustin announced at the COP29 climate summit.
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Georgian Prime Minister Irakli Kobakhidze announced that Georgia will present its updated Nationally Determined Contribution (NDC 3.0) by 2025, signaling the country’s renewed climate ambitions during his speech at the COP29 summit in Baku on Wednesday.
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