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

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

The Azeri Oil Fund contributes more than half of State Budget Revenues

The Azeri Oil Fund contributes more than half of State Budget Revenues The income of the state budget for the first quarter of 2014 was 4.5 billion. manat ($ 5.74 billion US), the expenditures were 4.4 billion manat ($ 5.6 billion US). Budget surplus was 108,4 mln. manats in the reporting period. The Ministry of Finance reports that 2.34 billion manat($ 3.00 billion US) was transferred to the budget from the State Oil Fund of the Republic of Azerbaijan... Read More

SOFAZ Speaks in Russian

SOFAZ Speaks in Russian CESD:  Purchasing of “VTB Bank” s shares is a political message State Oil Fund of Azerbaijan bought additional share emission of VTB Bank, Russia. The volume of the issue is RR 102.5 billion (quantity – 2.5 trillions, face value – RR 0.041). The emission has already been registered by Russian Bank. CESD argues that purchasing of “VTB Bank” s shares should be considered as a political decision, “it... 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

How much money Azerbaijan Oil Fund has?

How much money Azerbaijan Oil Fund has? Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-December, 2011 reached 15 628.3 million mantas or 19 875.7 million dollars, while budget expenditures constituted 9 606.6 mln. Mantas or 12 217.4 million dollars. Revenue of 15 451.9 mln. manats or 19 651.4 million dollars was received from implementation of oil and gas agreements, including 15 257.5... Read More