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 Income in February 2017

Azerbaijani Oil Income in February 2017 The State Oil Company of Azerbaijan Republic (SOCAR) reports that the company exported 79,841 thousand tons of crude oil from the Russian port of Novorossiysk, 349,272 thousand tons of crude oil from the Georgian port of Supsa and 1,323 million tonnes of crude oil from the Turkish port of Ceyhan in February 2017. According to the SOCAR’s report 159,777 thousand tons of crude oil were exported from the Russian... 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 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

Azerbaijani Oil Export in 2014: Brief Overview

Azerbaijani Oil Export in 2014: Brief Overview 2014 was marked by a sudden decline in oil prices in the world market. As an oil exporter country, Azerbaijan started feeling effects of a sharp fall in oil revenue after oil price decline in the world market owing to decline of the country’s oil income. In spite of the fact that Azerbaijan was able to reduce share of oil industry both in public revenues and in the country’s Gross Domestic Product... Read More

SOFAZ’s extra budgetary expenses reached to $ 1.24 billion US

SOFAZ’s extra budgetary expenses reached to $ 1.24 billion US Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2014 reached 10.13 billion manats ($12.99 billion US), while budget expenditures constituted 8.04 billion manats ($ 10.30 billion US). Revenue of 9.97 billion manats ($ 12.78 billion US) was received from the implementation of oil and gas agreements, including 9.95 billion... Read More

SOFAZ announces total revenues for 12 years

SOFAZ announces total revenues for 12 years Since the establishment of the State Oil Fund of Azerbaijan (SOFAZ) up until March 31, 2012, the Fund received $70.8 billion in revenues, SOFAZ head Shahmar Movsumov said in an interview published by the Respublika newspaper yesterday. SOFAZ was established in 1999 and then its assets amounted to $271 million. According to Movsumov, $32.4 billion (45.7 per cent) of the total revenues of the fund were directed... Read More