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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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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