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 July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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