680.800 Azerbaijani citizens went abroad in the first half of 2022.This is reported by the State Statistics Committee.
This is up by 2.3 times from the same period of the last year, the report says.
Over 6 months, 47.6% of those who left went to Turkey, 15.7% – to Russia, 13.3% -to Iran, 8.1% – to Georgia and 15.3% -to other countries.
Source: Turan News Agency
State Oil Fund of the Republic of Azerbaijan (SOFAZ) has revealed revenues from Azeri-Chirag-Guneshli (ACG) and Shah Deniz fields, SOFAZ told APA-Economics.
In January-June of this year, total revenues from the ACG field amounted to USD 4 870 million.
In the reporting period, volume of revenues from Shah Deniz field (gas and condensate) has been USD 633,256 million.
At the same time, total income from sale of condensate on the Shah Deniz field made up USD 219,357 million in the first half of 2022.
Source: Azeri-Press News Agency
On July 19 President Ilham Aliyev signed a decree “On some measures to increase the level of self-sufficiency in food wheat”.
According to the decree, suppliers delivering food wheat to the State Resources Agency and flour mills will receive subsidies from the state for 5 years, starting next year.
Besides, the State Statistics Committee will monthly disclose the average price for food wheat imported into the country. Taking into account the cost of production (cost) of food wheat and the possible profit of the producer, the Cabinet of Ministers will set the state purchasing price for food wheat until August 1 this year and in subsequent years annually until July 1.
Source: Turan News Agency
Saudi Arabia is approaching the point of maximum oil production capacity and could theoretically raise output by 1.5 million barrels a day from 10.5 million bpd currently, accoding to unnamed sources, APA reports citing The Wall Street Journal.
However, Riyadh could reportedly even have issues sustaining multi-month production of 11 million bpd, while the 12 million bpd level could be kept only over a few weeks’ time due to maintenance and other technical obstacles. Saudi Arabia still plans to raise output to 13 million bpd by 2027, but no significant moves to hit the target are expected before 2025.
According to the report, any production increase that the OPEC+ alliance could opt for at its August 3 meeting may turn out to be insufficient to affect the global oil market. The United Arab Emirates and Kuwait are other OPEC+ countries that could slightly raise output, but others are producing oil at their full capacities.
Source: Azeri-Press News Agency
The State Oil Fund (SOFAZ) has announced the composition of its investment portfolio for 1 July 2022.
Out of $45.306.7 million, 71% of the Fund’s assets are in dollars, 18.6% in euros, 4.8% in British pounds, 1.2% in Chinese yuan, 1.1% in Japanese yen, 0.6% in Australian dollars, 0.4% in Turkish lira, 0.4% in Russian rubles, 1.9% in other foreign currencies.
Note that 62.5% of SOFAZ’s assets are bonds and other money market instruments, 17.9%- stocks, 13.1% – gold (101.8 tonnes), 6.5% – real estate.
Also, 68.7% of bonds and other money market instruments the fund invests in are rated “AAA”, 15.7%-“AA”, 10.2%-“a”, 4.6%-“BBB”. Non-investment grade instruments account for 0.8%. Besides, 30.4% of bonds and money market instruments were purchased in 0-1 year, 32.2% in 1-3 years, 17.6% in 3-5 years, and 19.8% in more than 5 years.
Of the individual regions in the SOFAZ investment portfolio, North America accounts for 30.1%, Europe-28.6%, Asia-Pacific-20.4%, the Middle East-0.6%, Australia and New Zealand-0.6%, Africa-0.1%, and South America-0.1%. 59.4% of the fund’s assets are in developed countries, 21% in developing countries, 6.4% in international financial institutions, and 13.1%, as mentioned earlier, in gold.
Source: Turan News Agency
“Azer-Turk Bank” has announced its financial performance for the first half of 2022. The bank earned AZN 0.8 million of profit for 6 months.
This is up by 81.3% from the same period of the last year.
In the reviewed period “Azer-Turk Bank” earned interest income of AZN 14.3 million, interest expenses of AZN 9 million, non-interest income was AZN 4.5 million, non-interest expenses AZN 17.7 million, special provisions for overdue loans amounted to AZN 0.2 million.
From the beginning of July this year the assets of “Azer-Turk Bank” totaled AZN 599 million (78.6%) more than in early July last year, including net loan portfolio by 70.9% more – AZN 280 million. The bank’s liabilities amounted to AZN 540.4 million (93.8% up), including deposit portfolio – AZN 222.6 million (37.8% up), balance sheet capital – AZN 58.6 million (3.7% up), including authorized capital – AZN 50 million (no change).
Source: Turan News Agency
