SOFAZ lost $ 1.3 billion US due to revaluation of foreign exchange

SOFAZ lost $ 1.3 billion US due to revaluation of foreign exchange State Oil Fund of the Republic of Azerbaijan’s (SOFAZ) revenue was 4 054. 0 million. manats ($ 3860.9 million US), while budget expenditures constituted 4 042.1 million manats ($ 3849.6 million US) in the first half of 2015. Revenue of 3 812.1 mln. manats was received from the implementation of oil and gas agreements, including 3 802.1 mln. manats from the sale of profit oil and gas, 5.7 mln. manats as transit... Read More

Why Statoil leaves the TAP?

Why Statoil leaves the TAP? Statoil is to sell its 20-percent stake in the Trans Adriatic Gas Pipeline (TAP) project that will carry gas from Azerbaijan to Europe, the president of Azeri state energy firm SOCAR said. According to the SOCAR, Statoil has decided to leave the TAP project completely, and there is a company which is ready to buy its stake. CESD underlines that selling of Statoil’s 20 percent stake is not a good news for the Southern Gas Corridor developments: “... Read More

Azerbaijani Oil Income in June 2015

Azerbaijani Oil Income in June 2015 State Oil Company of Azerbaijan Republic (SOCAR) exported 1 million 959 thousand 619 toness oil in June 2015. Out of this volume, 339 thousand 20 tons of crude oil was exported through the Supsa Port and 1 million 925 thousand 699 tons of crude oil via the Ceyhan Port in the reporting period. In general, 678 thousand 46 tons of crude oil were exported from the Novorossiysk Port, 1 million 524 thousand 900 tons of crude oil – from the... Read More

Reassessing the European Neighbourhood Policy in Azerbaijan

Reassessing the European Neighbourhood Policy in Azerbaijan Soon after independence, Azerbaijan demonstrated its interest in cooperating not only with the EU but also with Russia in order to develop the country. Azerbaijani-EU relations can be divided into three main periods: (1) from 1992 to 2006 Azerbaijan was eager to cooperate more closely with the EU; (2) from 2007 to 2014 Azerbaijan was very self-confident; (3) since early 2014, relations between the EU and Azerbaijan have... Read More