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

Oil Output Dropped by 4,0 % in Azerbaijan

Oil Output Dropped by 4,0 % in Azerbaijan   CESD forecasts decline in oil sector by 5,0 % in 2013 based on its econometric models and PSA matrix Azerbaijan produced 7,2 million tons of oil in January-February , 2013- The State Statistical Committee of Azerbaijan reported.  3,8 million tons were produced in January and 3,4 million tons in February. Oil production has dropped by 300,0 thousand tons or by 4,0 % over the same period of 2012. Meanwhile,... 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

Azerbaijan State Budget’s SOFAZ Dependency

Azerbaijan State Budget’s SOFAZ Dependency $ 45 billion oil money spent through state budget channels last couple years   Since the launch of the State Oil Fund of Azerbaijan (SOFAZ), the fund’s expenditures amounted to AZN 38.789 billion ($ 49,730 billion).  Transfers to the state budget reached to AZN 35.085 billion ($ 44,980  billion) within the last couple years. Meanwhile, the fund issued AZN 297.9m for project of construction... Read More

SOFAZ to invest Russian Economy

SOFAZ to invest Russian Economy The State Oil Fund of Azerbaijan has addressed the Federal Antimonopoly Service of Russia in order to get initial agreement for closing deal on purchase of 100% shares of Tverskaya 16 OJC, in Moscow. Authorized capital of the OJSC makes 159.8 mln rubles (AZN 4 mln) and its only share is Aktyor gallery, located on Tverskaya 16, Moscow. Brokers estimate the building at $100-105 mln. According to information, currently,... 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

SOFAZ’s Tardy Investment Policy

SOFAZ’s Tardy Investment Policy Vugar Bayramov: “ SOFAZ’s investment policy is not flexible” The State Oil Fund of Azerbaijan (SOFAZ) intends to invest in commercial real estate in London, Paris, Rome, Istanbul and Moscow and is planning to increase its holdings in gold. As we know, an economic crisis has covered Western Europe. Due to the crisis, price drops have occurred erratically and unpredictably. Likewise, the dollar and especially... Read More

SOFAZ allocates over $4 billion for various projects and programs

SOFAZ allocates over $4 billion for various projects and programs The State Oil Fund of Azerbaijan (SOFAZ) allocated about 3.34 billion manat for the implementation of various infrastructure projects and other needs as of July 1, the official website of the State Oil Fund said on Friday. A significant amount of funds directed at improving the welfare of refugees and internally displaced persons, as well as addressing their employment. The State... Read More

SOCAR Oil Export Declined by 7 % in the first quarter of 2012

SOCAR Oil Export Declined by 7 % in the first quarter of 2012 The State Oil Company of Azerbaijan exported 5,2 million tonnes of oil via all routes including Baku-Novorossiysk, BTC and Baku-Supsa pipelines in the first quarter of 2012 which is 7,2  % lower than compare with the same period last year. SOCAR exported 5,6 million tonnes in the first three months of 2011 . Sources at the SOCAR mentioned that Baku-Novorossiysk exported 496,8 thousand... Read More

Is SOCAR investment effecient?

Is SOCAR investment effecient? Most of the funds received by Azerbaijan’s state energy firm Socar from the placement of Eurobonds in the amount of $500 million were spent to pay the assets in Switzerland, purchased from Exxon Mobil, a Socar official told the Baku-based Trend news agency. Socar signed an agreement with Exxon Mobil to acquire its Swiss branch, Esso Schweiz GmbH, in November 2011. The company will operate under the brand name Esso... Read More

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