Current account surplus of Azerbaijan’s balance of payments for the first quarter of 2017 amounted to $ 380.2 million, the Central Bank of Azerbaijan reported.
It should be noted that the current account deficit of Azerbaijan’s balance of payments for the first quarter of 2016 was $ 432.1 million.
According to the balance of payments, the surplus for the oil and gas sector for the first quarter of 2017 was $ 1.5 billion, while in the non-oil sector the deficit was $ 1.1 billion.
The main economic indicators of Azerbaijan (in thousand $):
| Name |
Q1 2017 |
Q1 2016 |
| Average price of oil |
$51/ barrel |
$29/ barrel |
| Foreign trade turnover |
5,221,625 |
4,482,268 |
| CIS |
12.5% |
11,0% |
| Non-CIS |
87.5% |
89,0% |
| Export |
3,555,749 |
2,551,987 |
| Including: oil and gas sector |
3,302,285 (92.87) |
2,323,332 (91.04%) |
| Non-oil sector |
253,464 |
228,655 |
| Import |
1,665,876 |
1,930,281 |
| Including: oil and gas sector |
273,534 (16.42%) |
770,999 (39.94%) |
| Non-oil sector |
1,392,342 |
1,159,282 |
| Direct investments abroad |
531,516 |
770,601 |
| Including: in oil and gas sector |
453,235 |
558,998 |
| Non-oil sector |
78,281 |
211,616 |
| Oil and gas bonuses received |
78 |
52 |
In January-March of this year, Azerbaijan received a $78mn bonus payment under the framework of the Shah Deniz-1 project. NGW was told by the UK major BP, the operator, that it was payable on the basis of a special production-sharing agreement clause. If the contractor for the budget year extracts more than the planned targets approved by the Operating Committee, then a bonus is earned on the super profit, it said. In 2016, the extraction plan was about 10.1bn m³, although actual production amounted to 10.7bn m³.
According to the CBA, in the first quarter of 2017 the volume of foreign trade turnover amounted to $5.2bn and Azerbaijan had a surplus in foreign trade at $1.9bn. Exports of oil amounted to $ 2.8bn (77.78%) and oil products $124.5mn (3.45%).
Imports amounted to $1.665bn, of which consumer goods accounted for a little over half: $864mn, down from $1.93bn in the same period last year..
In January-March 2016, foreign direct investments in the Azerbaijani economy also amounted to $1.6bn. At the same time, 80.9% of foreign direct investment for the reporting period was in the oil and gas sector.
In the non-oil sector, the volume of foreign direct investment for the first quarter of 2017 was $310.3mn (up 31.1%).
According to the CBA, in January-March of this year, Azerbaijani companies carried out direct investments abroad in the amount of $531.5mn (31% decline), including $453.2mn in the oil and gas sector (down 18.9%) and $78.3mn in other sectors (down almost a third).
Azerbaijan’s direct investments abroad in the oil and gas sector were made mostly by state oil company Socar: the TransAnatolian and TransAdriatic pipelines, as well as the Georgian section of the South Caucasus Gas Pipeline project; the Star refinery (Turkey); the petrochemical complex Petkim (Turkey), the port Terminal Petlim (Izmir, Turkey), expansion of the network of gas stations in Romania and Ukraine; the sale of oil products and natural gas in Georgia, and electricity supply in Malta.
Current account surplus of Azerbaijan’s balance of payments for the first quarter of 2017 amounted to $ 380.2 million, the Central Bank of Azerbaijan reported.
It should be noted that the current account deficit of Azerbaijan’s balance of payments for the first quarter of 2016 was $ 432.1 million.
According to the balance of payments, the surplus for the oil and gas sector for the first quarter of 2017 was $ 1.5 billion, while in the non-oil sector the deficit was $ 1.1 billion.
The main economic indicators of Azerbaijan (in thousand $):
| Name |
Q1 2017 |
Q1 2016 |
| Average price of oil |
$51/ barrel |
$29/ barrel |
| Foreign trade turnover |
5,221,625 |
4,482,268 |
| CIS |
12.5% |
11,0% |
| Non-CIS |
87.5% |
89,0% |
| Export |
3,555,749 |
2,551,987 |
| Including: oil and gas sector |
3,302,285 (92.87) |
2,323,332 (91.04%) |
| Non-oil sector |
253,464 |
228,655 |
| Import |
1,665,876 |
1,930,281 |
| Including: oil and gas sector |
273,534 (16.42%) |
770,999 (39.94%) |
| Non-oil sector |
1,392,342 |
1,159,282 |
| Direct investments abroad |
531,516 |
770,601 |
| Including: in oil and gas sector |
453,235 |
558,998 |
| Non-oil sector |
78,281 |
211,616 |
| Oil and gas bonuses received |
78 |
52 |
In January-March of this year, Azerbaijan received a $78mn bonus payment under the framework of the Shah Deniz-1 project. NGW was told by the UK major BP, the operator, that it was payable on the basis of a special production-sharing agreement clause. If the contractor for the budget year extracts more than the planned targets approved by the Operating Committee, then a bonus is earned on the super profit, it said. In 2016, the extraction plan was about 10.1bn m³, although actual production amounted to 10.7bn m³.
According to the CBA, in the first quarter of 2017 the volume of foreign trade turnover amounted to $5.2bn and Azerbaijan had a surplus in foreign trade at $1.9bn. Exports of oil amounted to $ 2.8bn (77.78%) and oil products $124.5mn (3.45%).
Imports amounted to $1.665bn, of which consumer goods accounted for a little over half: $864mn, down from $1.93bn in the same period last year..
In January-March 2016, foreign direct investments in the Azerbaijani economy also amounted to $1.6bn. At the same time, 80.9% of foreign direct investment for the reporting period was in the oil and gas sector.
In the non-oil sector, the volume of foreign direct investment for the first quarter of 2017 was $310.3mn (up 31.1%).
According to the CBA, in January-March of this year, Azerbaijani companies carried out direct investments abroad in the amount of $531.5mn (31% decline), including $453.2mn in the oil and gas sector (down 18.9%) and $78.3mn in other sectors (down almost a third).
Azerbaijan’s direct investments abroad in the oil and gas sector were made mostly by state oil company Socar: the TransAnatolian and TransAdriatic pipelines, as well as the Georgian section of the South Caucasus Gas Pipeline project; the Star refinery (Turkey); the petrochemical complex Petkim (Turkey), the port Terminal Petlim (Izmir, Turkey), expansion of the network of gas stations in Romania and Ukraine; the sale of oil products and natural gas in Georgia, and electricity supply in Malta.
