Revenues of Azerbaijan's Oil Fund from ACG decreased by $396 million

Our strategic partnership in the energy sector, including cooperation in the field of renewable energy and energy efficiency, is extremely important, Azerbaijani President Ilham Aliyev stated on July 6 in Shusha at the opening ceremony of the informal Summit of the Organization of Turkic States.

Transportation of trans-Caspian resources will contribute to the energy security of Europe, Vice President of Türkiye Cevdet Yilmaz stated on July 6  at the  informal summit of the Organization of Turkic States (OTS) in the city of Shusha.

Moody's International rating agency has confirmed the rating of senior unsecured ratings in foreign currency of Southern Gas Corridor CJSC (SGC) at Ba1 and changed the outlook from stable to positive. According to Moody's, Azerbaijan benefits from higher EU demand for its gas, reflecting the bloc's efforts to diversify sources and supply routes in order to reduce dependence on Russian gas.

In 2023, Azerbaijan’s net income from the sale of hydrocarbons  amounted 14 billion 519 million manats (8 billion 540.6 million dollars), the report of the Accounting Chamber "Audit of the formation and use of funds of the State Oil Fund in the main directions" following the results of the external state financial control event. According to the report, this is by 2 billion 753.2 million manats, or 23.4% more than the approved budget target of the fund for 2023.