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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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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