Oil Fund of Azerbaijan has $ 32 billion assets

Oil Fund of Azerbaijan has $ 32 billion assets Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2011 reached 11 831.4 million manats, while budget expenditures constituted 4 366.7m manats. Revenue of 11 668.4m manats for the period of January-September, 2011 was received from implementation of oil and gas agreements, including 11 476.3m manats from the sale of profit oil and gas, 101.7m manats from difference in price... Read More

Divergence over Nabucco’ s Cost

Divergence over Nabucco’ s Cost Nabucco Gas Pipeline International GmbH Managing Director Reinhard Mitschek said that the natural gas link’s revised costs “won’t be far away” from the existing 7.9 billion-euro ($11 billion) price tag, Bloomberg reported. Mitschek, speaking in an interview in Istanbul, couldn’t say when a new cost figure would be announced. Nabucco expects gas supply deals to be signed in November, and the so-called open season to start in “spring... Read More

Agreements between Azerbaijan and Turkey to help open South Gas corridor?

Agreements between Azerbaijan and Turkey to help open South Gas corridor? Azerbaijan and Turkey signed a number of export agreements. On 25 October, Azerbaijan and Turkey signed a number of export agreements that allow Turkey to buy gas from Azerbaijan and transport it through neighboring countries to Europe. According to a statement posted on the official website of the State Oil Company of Azerbaijan (SOCAR),  the signed package of documents includes: – An intergovernmental... Read More

Azerbaijan faces the lowest GDP Growth for 2011 in CIS

Azerbaijan faces the lowest GDP Growth for 2011 in CIS IMF Adjusted Economic Growth Forecasting for Azerbaijan, too Economic growth in Azerbaijan is expected to be 0.2% this year: International Monetary Fund adjusted macro-economic forecasts for Azerbaijan. The highest economic growth is expected to be in Turkmenistan (9.9%) and the lowest – in Azerbaijan. CESD welcomes IMF modification for 2011 macro-economic forecasts since the fund expected 2,8 % economic growth in Azerbaijan... Read More

Azerbaijan Economy in the first nine months of 2011; Comparative Analysis

Azerbaijan Economy in the first nine months of 2011; Comparative  Analysis According to State Statistic Committee of Azerbaijan Republic Growth Domestic Product (GDP) increased 4.1% compare with the same period of previous year since calculations done by Center for Economic and Social Development (CESD) indicated only 0,9  %  GDP growth in the same period.  Government sources announced that GDP growth in non-oil sector was 5.2% in the first half. Agricultural production growth... Read More

Central Bank to approve CESD Recommendations Package

Central Bank to approve CESD Recommendations Package Central Bank of Azerbaijan announced that new changes into the mortgage lending rules will be introduced soon. Amendments package has already discussed in the government and will be submitted to the Parliament on November, 2011. New amendments will be done based on CESD recommendation package submitted to the Government of Azerbaijan on June, 2011 ( Russian version of some recommendations are available at http://cesd.az/new/2011/06/russian-максимальный-объем-социальной-ипот/?lang=ru... Read More

CESD: Azerbaijani export’s reliance on oil revenue dreadfully augmented

CESD:  Azerbaijani export’s reliance on oil revenue dreadfully augmented Azerbaijani non-oil export is only 61 % of Georgian export In January-September of this year Azerbaijan’s foreign trade made up $26.615bn, according to sources in the State Customs Committee. In nine months goods export from the country hit $19.945bn, making it a growth of 26.03% over January-September. Import amounted to $6.87bn, which is also higher than in January-August of the last year by 51.12%.... Read More

Doing Business 2012: Georgia is leader in the region

Doing Business 2012: Georgia is leader in the region Azerbaijan ranked 66th since Armenia is in 55th place Doing Business 2012: Doing Business in a More Transparent World was prepared by the International Finance Corporation and World Bank. The report kept Singapore in first place in terms of ease of doing business, followed by Hong Kong and New Zealand. The report assesses regulations affecting domestic firms in 183 economies and ranks the economies in 10 areas of business... Read More

Bill on 2012 draft state budget submitted to Parliament

Bill on 2012 draft state budget submitted to Parliament Draft budget on state budget of Azerbaijan for 2012 has been submitted to the Parliament. The statement came from MP, member of Economic Police Committee Vahid Ahmadov. The draft is expected to be distributed to MPs next week. Note that, incomes of consolidated budget are considered at the amount of AZN 16,436.4m, expenses – AZN 16,984.4m, deficit – AZN 548m. Next year, revenues from SOCAR are forecasted at AZN 9.9... Read More

No money left at the State Oil Fund of Azerbaijan in 2015

No money left at the State Oil Fund of Azerbaijan in 2015 Fantastic transfers prove that all oil revenues can be spent within next 3 years Finance Ministry of Azerbaijan reports that consolidated budget draft of Azerbaijan is made with the forecast of SOFAZ’s revenues at AZN 10.697 billion ($ 13,54 billion) and expenditures at AZN 10.482 billion ($ 13,27 billion). The Ministry reports that the Draft Law says that the oil sector will provide at least AZN 12 billion ($ 15, 28... Read More