Azerbaijan Oil Fund’s Annual Report: Spending is more than income

Azerbaijan Oil Fund’s Annual Report: Spending is more than income Annual report is available at the CESD’s web site Azerbaijan’s sovereign wealth fund SOFAZ recorded decrease in the revenues from the hydrocarbon sales in 2016 due to the low oil prices, while there was a significant increase in the revenues from the management of the Fund’s assets. The revenues obtained from the sales of Azerbaijan’s share of hydrocarbons, the fees paid... Read More

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 export declined by 4.5 %

Azerbaijani oil export declined by 4.5 % Azerbaijan exported 5 million 374 thousand 87 tons oil through the Baku-Tbilisi-Ceyhan pipeline in the first four months of 2017. Meanwhile, 878 thousand 664 tons oil exported through Supsa and 489 thousand 206 tons by Novorossiyski. It means that Azerbaijan exported 6 million 741 thousand 959 tons oil in the indicated period. According to the SOCAR’s report, Azerbaijan exported 5 million 741 thousand 694... Read More

Azerbaijani Oil Income in October 2016

Azerbaijani Oil Income in October 2016 The State Oil Company of Azerbaijan Republic (SOCAR) reports that its oil export grew by 45.5% in October 2016 compared with previous month. The SOCAR reports that it exported 2.017 million tons of oil against 1.386 million tons in September, 1.53 million tons in August and 1.924 million tons in July (this year’s best indicator). At that, October’s oil export via Baku-Novorossiysk oil pipeline reached 80,192... Read More

Azerbaijani oil export declined by 7 %

Azerbaijani oil export declined by 7 % Azerbaijani oil export decreased by 6.86% in June 2016 compared with previous month. According to the State Oil Company of Azerbaijan Republic (SOCAR) reports total export was 1.676 million tons of oil in June against 1.799 million tons in May. Meanwhile, Azerbaijani oil export was 1.449 million tons in April, and 1.9 million tons in March 2016. At that, June’s oil export via Baku-Novorossiysk oil pipeline... Read More

Azerbaijani Oil Income in May 2016

Azerbaijani Oil Income in May 2016 The State Oil Company of Azerbaijan Republic (SOCAR) reports that it exported 1.799 million tons of oil in May against 1.449 million tons in April and 1.9 million tons in March 2016. Oil export in May 2016 increased compared with April 2016, however, it decreased compared with March 2016. Azerbaijani oil export increased by 24.2% in May against April 2016 and decreased by 6.0 % compared with March 2016. Download... Read More

Azerbaijan Economy in the First Quarter in 2016; Brief Overview

Azerbaijan Economy in the First Quarter in 2016; Brief Overview CESD- Center for Economic and Social Development concluded its macro-economic survey results for the first quarter in 2016. Both independent and official reports show that GDP continued declining in the reporting period. According to the State Statistic Committee of Azerbaijan, GDP decreased 3.5 % in the first quarter in 2016 since CESD calculations found out 4.1 % decline in the economy. Download... Read More

Azerbaijani Oil Fund`s Confirmed 2015 Budget: Big Decline

Azerbaijani Oil Fund`s Confirmed 2015 Budget: Big Decline The assets of the State Oil Fund of Azerbaijan (SOFAZ) for 2015 decreased by 9.5% and as of 1 January 2016 reached $33.57 billion against $37.1 billion by 1 January 2015. The SOFAZ press release says that budget revenues for 2015 amounted to AZN 7.7 billion and expenditures AZN 9.187 billion. Download Full Article Here  Read More

Azerbaijani Oil Fund Budget for 2016: Brief Historical Review

Azerbaijani Oil Fund Budget for 2016: Brief Historical Review The draft budget for 2016 of State Oil Fund of Azerbaijan Republic (SOFAZ) has been discussed by the Supervisory Board of the fund. According to the SOFAZ, the fund’s 2016 budget revenues are forecasted as 6.7 billion manta and expenditures at 8.26 billion manat. SOFAZ reported that the Supervisory Board recommended the Fund’s 2016 draft budget, including the major directions of its... 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

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