Azerbaijan’s foreign debt-to-GDP ratio became to double-digit number the first time in the last decade

Azerbaijan’s foreign debt-to-GDP ratio became to double-digit number the first time in the last decade Azerbaijan’s foreign public debt amounted to 7.05 billion manat which accounts for 12.4 percent of the country’s GDP, the Azerbaijani Ministry of Finance has reported. The message said that the statistics on the loans included direct obligations of the state and contingent liabilities on loans under state guarantee. Of the total volume... Read More

Azerbaijani Oil Income Declined by 22.0 % in October

Azerbaijani Oil Income Declined by 22.0 % in October % State Oil Company of Azerbaijan Republic (SOCAR) 1.779 million tons of oil in October against 2.175 million tons in September, 1.211 million tons in August, 1.448 million in July, 2.264 million tons in June (the best index for 2015), 1.69 million tons of oil in May and 2.121 million tons in January. In October the oil was not exported via Baku-Novorossiysk pipeline versus September’s export... Read More

Azerbaijani Oil Fund’s Revenue was Declined by 2.5 times

Azerbaijani Oil Fund’s Revenue was Declined by 2.5 times Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) reached 5 543.4 mln. manats ($ 5,279 billion US), while budget expenditures constituted 6 397.1 mln. manats ($ 6,093 billion US) in the first 9 months of 2015. Reminded here that Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2014 was 10 131.9 mln. manats... 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

Azerbaijani Oil Fund’s reserves have declined by 5.9 %

Azerbaijani Oil Fund’s reserves have declined by 5.9 % The assets of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) have dropped by 5.86% compared to the beginning of 2015 from $ 37,104 billion US. to $ 34, 930 billion US. Budget revenues of the SOFAZ reached 2,028 billion manat ($ 1, 932 billion US with new rate) , while budget expenditures constituted 2,336 billion manat ($ 2,225 billion US with new rate) in the first quarter of 2015.... Read More

Azerbaijani Oil Income in February 2015

Azerbaijani Oil Income in February 2015 Azerbaijani oil export slight increased last month compared with January 2015 since the country exported 1,885 million tones crude oil to the world market in February 2015. According to the State Oil Company of Azerbaijan Republic (SOCAR), 84 thousand 807 tons of crude oil from the Novorossiysk Port, 254 thousand 179 tons of crude oil from the Supsa Port, and 1 million 630 thousand 350 tons of crude oil from... Read More

Will the Middle East support Washington’s ‘oil sanctions’ to Russia?

Will the Middle East support Washington’s ‘oil sanctions’ to Russia? Dr. Vugar Bayramov Chair of CESD, Azerbaijan www.cesd.az The price of 1 barrel of crude oil again dropped to $ 82 in the world market. The description of the market is very simple: demand is declining whereas the supply still remains high. Unlike Russia’s expectations, Saudi Arabia not only decreased oil production, but also applied for price discounts in the oil export.... Read More

BP’s Azeri Oil Output Declined

BP’s Azeri Oil Output Declined Output from Azerbaijan’s Azeri-Chirag-Guneshli (ACG) oilfields declined to an average 656,000 barrels per day (bpd) in the first half of 2014 from 672,000 bpd in the same period last year, BP-Azerbaijan said in a statement. BP said earlier this year that oil production at the ACG fields might be slightly lower than in 2013 as the company planned maintenance work at the Central Azeri and West Azeri platforms,... 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 Economy in the First Four Months, 2014; Brief Overview

Azerbaijan Economy in the First Four Months, 2014; Brief Overview CESD- Center for Economic and Social Development concluded its macro-economic survey results for the first month of year on May 20, 2014. Both independent and official reports show that oil GDP continued declining in the reporting period. According to the State Statistic Committee of Azerbaijan, oil GDP decreased 3.2 % in the first four months of 2014 since CESD calculations found out... Read More

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