Azerbaijani Oil Fund: Fiscal Consolidation, Volatility and Oil Wealth

Azerbaijani Oil Fund: Fiscal Consolidation, Volatility and Oil Wealth The execution of the State Oil Fund of Azerbaijan’s (SOFAZ) 2016 budget has been approved. According to a Presidential decree, SOFAZ’s revenue was 9.410 billion manat ($5.881 billion USD) and expenditure was 9.022 billion manat ($5.638 billion USD). Initially, SOFAZ’s revenue for 2016 was forecasted as 4.6 billion manat, while expenditure was expected to be 10.7 billion... Read More

Azerbaijani Oil Fund`s 2016 Budget: The deficit is higher than the fund’s income

Azerbaijani Oil Fund`s 2016 Budget: The deficit is higher than the fund’s income The budget of the State Oil Fund (SOFAZ) for 2016 was amended on March 2016. According to the new amendment the SOFAZ budget deficit will exceed its revenues for the year. Under the new document, Fund’s revenues were reduced from 6.712 billion manat ($ 4.221 billion US) to 4.578 billion manat ($ 2.954 billion US), while expenditures increased from 8.18 billion manat... Read More

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... Read More

Assessment of Effect of Declining Oil Prices on Azerbaijan Economy

Assessment of Effect of Declining Oil Prices on Azerbaijan Economy The main goal of the study is to assess how oil price decline in the world market will potentially impact Azerbaijani Economy. The paper specifically looks how last changes in the world market will effect on both revenue and expenditure sides of the state budget. The study also examines “side impact” and “domino effects” of low oil prices. As an oil exporter country Azerbaijan... Read More

80.0 % of SOFAZ’s total revenue was spent in the half of 2014

80.0 % of SOFAZ’s total revenue was spent in the half of 2014 Total revenue of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was 6.493 billion manat ($ 8.324 billion US) in the half of 2014. SOFAZ’s total spending was 5.163 billion manat ($ 6.619 billion US) in the reporting period. According to the official figures 79.5 % of the SOFAZ revenues was already spent in the first six months of 2014. Revenue of 6.374.8 mln. manat was received... Read More

Azerbaijan Oil Fund Lost $ 2.3 million US in light of the Ukraine Crisis

Azerbaijan Oil Fund Lost $ 2.3 million US in light of the Ukraine Crisis The State Oil Fund of Azerbaijan (SOFAZ) suffered investment losses due to the events that took place in Ukraine. According to SOFAZ, budget revenues of the State Oil Fund of Azerbaijan (SOFAZ) for the period of January-March, 2014 reached 3.005 billion manat ($ 3.85 billion US), while budget expenditures constituted 2.443 billion manat ($ 3.13 billion US) meaning that the budget... Read More

SOCAR Incurs Huge Debt, Raises Questions

SOCAR Incurs Huge Debt, Raises Questions CESD experts question the decision of SOCAR to incur long-term debt by issuing Eurobonds Azeri state energy firm SOCAR plans to issue Eurobonds worth $1 billion for refinancing its existing debt and funding its upstream and downstream operations, a SOCAR official and Moody’s said on March 02, 2013. SOCAR President said the company carried out the first issue of Eurobonds in the amount of $500m in February... Read More

SOFAZ to invest Russian Economy

SOFAZ to invest Russian Economy The State Oil Fund of Azerbaijan has addressed the Federal Antimonopoly Service of Russia in order to get initial agreement for closing deal on purchase of 100% shares of Tverskaya 16 OJC, in Moscow. Authorized capital of the OJSC makes 159.8 mln rubles (AZN 4 mln) and its only share is Aktyor gallery, located on Tverskaya 16, Moscow. Brokers estimate the building at $100-105 mln. According to information, currently,... Read More

Managing of Oil Boom: SOFAZ’s Inefficient Investment Policy

Managing of Oil Boom: SOFAZ’s Inefficient Investment Policy Oil Fund of Azerbaijan (SOFAZ) has purchased 10 tons of gold. That gold, now,  is kept at London banks and preparations are carried out in direction of bringing it to the country. SOFAZ has applied to the Cabinet of Ministers in connection with exemption of gold from customs duties. The gold will be kept at special storehouses of the CBA- SOFAZ announced on September 21th, 2012. SOFAZ... Read More

Azerbaijan revises oil prices forecast in 2012-state budget

Azerbaijan revises oil prices forecast in 2012-state budget Rising oil prices on world markets contributes to increase in the income of the State Oil Fund of Azerbaijan (SOFAZ) additionally by 3.625 billion manat, which will increase incomes of the consolidated budget for 2012 by 19.9 percent, Azerbaijani Finance Minister Samir Sharifov said on Saturday at the meeting of the Parliamentary Committee on economic policy during the debate of the bill... Read More

Next Page »