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

$ 2,2 billion deficit in SOFAZ budget

$ 2,2 billion deficit in SOFAZ budget Revenue of State Oil Fund of Azerbaijan (SOFAZ) is forecasted at AZN 11,82 billion ($ 15,12 billion) since expenditure will be AZN 13, 59 billion ($ 17,32 billion) in 2013. SOFAZ will face budget deficit which will be AZN 1,78 billion ($ 2,22 billion) next year. Meanwhile Ministry of Finance reports SOFAZ will spend AZN 2,149 billion ($ 2,755 billion) on investment projects in 2013.  SOFAZ transfers to the... Read More