Materials

Gazprom resuming gas deliveries to Azerbaijan
Azerbaijan Materials

Gazprom resuming gas deliveries to Azerbaijan

Gazprom Export and the State Oil Company of the Azerbaijan Republic (SOCAR) reached an agreement to resume natural gas supplies to Azerbaijan. A contract to that effect was signed in Moscow on November 21, 2017, reported today Gazprom. Gas supplies are to start on November 22, 2017. It is planned to deliver a total of 1.6 billion cubic meters of Russian gas to Azerbaijan under the contract. “We have a long history of partnership with Azerbaijan in the field of natural gas trading. […]

Transfers from Oil Fund to State Budget to Be Reduced
Azerbaijan Materials

Transfers from Oil Fund to State Budget to Be Reduced

The Government of Azerbaijan plans in 2019-2021 to reduce transfers from the State Oil Fund (SOFAZ) to the state budget by 28.8% – up to 6 billion 561.6 million manat. According to budgetary materials, next year transfers from SOFAZ to the state budget will amount to 9 billion 216 million manat or 45.8% of all budget revenues. In 2019 transfers […]

Government Assesses Risks Associated with Oil Prices
Azerbaijan Materials

Government Assesses Risks Associated with Oil Prices

The Azerbaijani government notes the existence of a number of internal and external fiscal risks that may have a direct and indirect impact on the budget and macroeconomic stability in the country in 2018. According to the budget materials for the next year, all possible risks are divided into two groups. The first group includes the risks associated with the […]

Assets of State Oil Fund Increased by 0.55%
Azerbaijan Materials

Assets of State Oil Fund Increased by 0.55%

As of October 1, 2017, the assets of the State Oil Fund of Azerbaijan (SOFAZ) increased by $ 2.873 billion, or 8.7%, to $ 36.02 billion, as compared to the beginning of the year. In comparison with the same period last year, SOFAZ assets grew by $ 198 million or 0.55%. According to the press service of SOFAZ, the revenues […]

Unreported Export Volumes of Azerbaijani Oil Sharply Increased
Azerbaijan Materials

Unreported Export Volumes of Azerbaijani Oil Sharply Increased

For January-September of this year, Azerbaijan exported 15,381,800 tons of crude oil. According to the State Customs Committee of Azerbaijan, during the reporting period the country’s revenues from oil exports amounted to $ 5 billion 883.5 million (a decrease of 20% compared to January-September 2016). At the same time, the Customs Committee recorded a decrease in the volume of exported […]

What Does Oil Mean for Azerbaijani Economy?
Azerbaijan Materials

What Does Oil Mean for Azerbaijani Economy?

The revenues to the state budget for 9 months of this year exceeded the indicator of the same period of last year by AZN 1.9 bn. At the same time, budget revenues from the non-oil sector decreased by AZN 18 million, the economist Rovshan Agayev said on his Facebook page. It is estimated that AZN 1,040 million of budget growth […]

EBRD Board OKs funding worth $500M for TANAP
Azerbaijan Materials

EBRD Board OKs funding worth $500M for TANAP

The EBRD Board of Directors has approved a $ 500 million regional project that will help finance the delivery of crucial energy supplies from the Caspian Sea through to Europe along the Southern Gas Corridor (SGC) and make an important contribution to energy security and diversification.     The EBRD financing will fund the completion of the Trans-Anatolian Natural Gas […]

New European company to acquire gas from Shah Deniz 2
Azerbaijan Materials

New European company to acquire gas from Shah Deniz 2

Italy’s Edison and Gas Natural Fenosa have signed a binding agreement for the acquisition by Edison of Gas Natural Vendita Italia and of Azerbaijan’s Shah Deniz II gas contract, said the message posted on Edison’s website. As part of the agreement and subject to the closing of Gas Natural Vendita Italia’s acquisition, Edison will also acquire a 11 TWh long […]

Southern Gas Corridor project’s cost revealed
Azerbaijan Materials

Southern Gas Corridor project’s cost revealed

The cost of the Southern Gas Corridor project is now estimated at $41.5 billion, head of the Southern Gas Corridor CJSC Afgan Isayev said addressing the Argus Azerbaijan International Petroleum Summit 2017 in Baku. Of this amount, $11.8 billion is to be financed by Azerbaijan, Isayev said. “To date, $7.8 billion of this amount has been allocated,” he noted. “The […]

Azneft Announces Production Figures
Azerbaijan Materials

Azneft Announces Production Figures

Production Association (PA) Azneft (structure of SOCAR for oil and gas production) in January-September 2017 produced 4 million 624.8 thousand tons of oil and 3.87 bcm of gas. According to the PA, over 9 months of 2016, Azneft produced 4 million 703.7 thousand tons of oil and 4.2 bcm of gas. Thus, oil production by the PA for the reported […]

SOFAZ to Spend $437 mln on Construction of Oil Refinery
Azerbaijan Materials

SOFAZ to Spend $437 mln on Construction of Oil Refinery

On October 4, Azerbaijani President Ilham Aliyev approved changes in the budget of the State Oil Fund (SOFAZ) of Azerbaijan for 2017. According to the changes, SOFAZ revenues increase up to 10 billion 813 million 861.6 thousand manat from approved 8 billion 370 million 589.8 thousand manat, i.е. income growth will be 29.2%. SOFAZ expenditures increase to 15 billion 242 […]

Construction of TANAP’s underwater section starts in Turkey
Azerbaijan Materials

Construction of TANAP’s underwater section starts in Turkey

Construction of the Trans-Anatolian Natural Gas Pipeline’s underwater section in the Marmara Sea has started, the Turkish media report Sept. 23.   At present, the work to lay pipes is underway in the Turkish province of Canakkale. The length of TANAP’s underwater section is 19 kilometers. TANAP’s construction is completed by 82 percent. TANAP project envisages transportation of gas from […]