Azerbaijan Economy in 2012

Azerbaijan Economy in 2012 Azerbaijan oil production started to decline rapidly since 2010. In fact, dramatic fall in oil industry continues to hamper the country’s total growth in 2012.  It was the main reason that Government of Azerbaijan (GoA) has adjusted its previous official forecast of 5.7 %  GDP growth in 2012 to 2.5 % in the second half of 2012. Thanks to affected growth in non-oil sector, the country was able to keep growth track... Read More

Oil export via BTC pipeline down by 2.5m tonnes

Oil export via BTC pipeline down by 2.5m tonnes In 2012, the Baku-Tbilisi-Ceyhan pipeline exported 29.671m tonnes of oil.  According to SOCAR, compared with 2011, exports fell by 2.553m tonnes.  In January, exports amounted to 2.7m tonnes, in February -2.45m tonnes, in March – 2.7m tonnes, in April – 2.3m tonnes, in May – 2.801m tonnes, in June – 2.732m tonnes, in July – 2.12m tonnes, in August – 2.367m tonnes,... Read More

Oil output declined by 2,8 million tons

Oil output declined by 2,8 million tons Azerbaijan produced 39,4 million tons in the first ten months of 2012.  Compared to the same period last year, oil production declined by 2,8 million tons, according to CESD calculations Oil output was 3,4 million tons in November, 2012.  According to official forecast, 45,0 million tons oil will be produced in 2012. Azerbaijan’s oil production was 45,4 million tons in 2011 which was  5,434 million... Read More

$ 1 billion oil money for each month

$ 1 billion oil money for each month CESD: “SOFAZ is not adequately meeting its central objectives” Budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for the period of January-September, 2012 reached 10,1 billion mantas ($ 12, 9 billion US) , while budget expenditures constituted 7,5 billion Mantas  ($ 9,7 billion US.) Since $ 9,7 billion US spent in the last 9 months of 2012, it means that more than $ 1 billion US... Read More