SOFAZ publishes its 2010 annual report

SOFAZ publishes its 2010 annual report The State Oil Fund of the Republic of Azerbaijan published its Annual Report for the year 2010. English version of the report can be downloaded here Azeri verision of the report can be downloaded here  Read More

CESD; Changes in the SOFAZ Strategy will not decrease price dependency

CESD; Changes in the SOFAZ Strategy will not decrease price dependency The revenues from managing Oil Fund assets is only 1,7 % of total revenues which confirm that Oil Fund revenues highly depends on oil price in the world market SOFAZ does not intend to increase purchase of shares of different companies in foreign markets- State Oil Fund announced on August 26, 2011: “Currently, the situation in world financial markets is unstable and State Oil Fund of Azerbaijan –... Read More

Ankara reiterates September deadline for Baku gas deal

Ankara reiterates September deadline for Baku gas deal Turkey wants to reach agreement by the end of September on the purchase and transit of gas to be produced at Azerbaijan’s Shah Deniz field. Azerbaijan is negotiating with Turkey to sell 6 billion cubic metres (bcm) of gas per year from the second phase of development at the giant Shah Deniz field and to ship 10 bcm to European customers via Turkey. Turkish Energy Minister Taner Yildiz referred to the September deadline... Read More

Energy projects to be mulled at Energy Forum

Energy projects to be mulled at Energy Forum ISTANBUL – Prospects for implementing the Nabucco pipeline project, transit of natural gas and other international projects will be in focus at the 13th International Energy Forum in Istanbul on September 8-9. According to the Strategic Technical Economic Research Center (STEAM), which is organizing the event, invitees include Azerbaijani, Turkish and Georgian Energy Ministers Natig Aliyev, Taner Yildiz and Alexander Khetaguri, as... Read More

CESD concerned over Azeri export’s reliance on oil revenues

CESD concerned over Azeri export’s reliance on oil revenues Azerbaijan’s oil driven economy had a foreign trade surplus of $10.3bn in the first seven months of the year.  Trade overall in January to July was worth $20.6bn ($20,626,326,430), according to figures from the State Customs Committee of Azerbaijan Republic.  Exports increased 28.95% since late July 2010 to stand at $15.5bn ($15,484,462,890), while imports increased 46.59% and stood at $5.14bn ($5,141,863,540).... Read More

Azerbaijani manat turns 19

Azerbaijani manat turns 19 Today marks 19 years since national currency manat was first put into circulation. 1, 10 and 250 manat banknotes were put into circulation in August 1992, 5, 10, 20 and 50 qapik coins – in  November, 5 manat banknotes – in December and 50, 100, 500 and 1,000 manat banknotes – in March 1993.  The first cash money of Azerbaijan was first emitted by the Central Bank of France in 1992. New generation of banknotes and coins were put into circulation... Read More

CESD Starts Policy Debates in Rural Azerbaijan

CESD Starts Policy Debates in Rural Azerbaijan Center for Economic and Social Development (CESD) starts policy debates in Rural Azerbaijan with support of OSI Think Tank Fund. First serious events held in Ganja, Barda and Tartar within August 17-21, 2011. ‘Anti-corruption initiatives; what should be done” titled policy debated held in above indicated cities with participation of representatives from different stakeholders including local government, municipalities, civil society... Read More

$ 10,4 million discrepancy in Central Asia’s major railway construction

$ 10,4 million discrepancy in Central Asia’s major railway construction The Center for Economic and Social Development (CESD), with the support of Partnership for Transparency Fund (PTF), continued monitoring the costs of the Baku-Tbilisi-Kars railway project which is financed by the State Oil Fund. Monitoring group members of the CESD have recently visited Georgia and Turkey for filed monitoring in neighboring countries. CESD monitoring group found out that monitoring show... Read More

Macro-economic figures for the first 7 months of 2011 in Azerbaijan

Macro-economic figures for the first 7 months of 2011 in Azerbaijan Independent assessment does not support official results According to the State Statistic Committee of Azerbaijan Republic, Gross Domestic Products (GDP) reached AZN 26.5bn, in January-July, 2011, up 1.1% or AZN 267.9m from year earlier. The committee publicized that, 66.7% of GDP was produced in industry spheres, 6% in agriculture.  Share of service spheres in value added made 27.4%, as well 6.2% in transport,... Read More

OPEC cuts oil demand growth forecast on economy

OPEC cuts oil demand growth forecast on economy   OPEC, source of more than a third of the world’s oil, cut its forecast for global oil demand growth this year as a worsening economic outlook curbs consumption in developed economies. The revision from the Organisation of the Petroleum Exporting Countries in a report on Tuesday follows reductions by other forecasters, such as investment bank Barclays Capital, as slowing growth hits consumers and businesses.   “Dark... Read More