Connect with us

Business

AZERBAIJAN STATE OIL FUND RECEIVED $450M

The Azeri Times

Published

on

The State Oil Fund of Azerbaijan (SOFAZ) has received $450 million as the first part of a $3.6 billion bonus from the consortium of oil companies developing the Azeri-Chirag-Deepwater Gunashli (ACG) field.

Under the terms of the contract signed in September 2017, SOFAZ will receive a $450 million bonus every year from 2018 to 2025, totaling $3.6 billion. The first tranche was received by SOFAZ on 29 January, 2018. The oil fund has not announced how the bonus will be spent.

The original contract for the development of the Azeri-Chirag-Deepwater Gunashli field was signed on 20 September, 1994, and oil production began in November 1997. That agreement was due to expire in 2024, but on 14 September, 2017, a new contract was signed extending the development of the fields until 2050.

Under the new contract, shares are distributed as follows:

British Petroleum (BP)   30.37%
SOCAR   25.00%
Chevron    9.57%
INPEX Corp.    9.31%
Statoil    7.27%
ExxonMobil    6.79%
TPAO    5.73%
ITOCHU    3.65%
ONGC India    2.31%

 

Under the new agreement, an estimated $43 billion will be invested in the development of the Azeri-Chirag-Deepwater Gunashli oil field by 2050.

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

Fintech start-up TransferWise reports second year of profit, revenue almost doubles

The Azeri Times

Published

on

Fintech start-up TransferWise reports second year of profit, revenue almost doubles
Kristo Kaarmann, Co-Founder & CEO, TransferWise, on Centre Stage during day one of MoneyConf 2018 at the RDS Arena in Dublin. (Photo By Eóin Noonan/Sportsfile via Getty Images)

TransferWise, one of Europe’s largest financial technology (fintech) start-ups, said Monday it was profitable for the second year in a row.

 

The London-headquartered money transfer firm reported an annual post-tax net profit of £6.2 million ($8 million) for the fiscal year ending March 2018.

Annual revenue nearly doubled to £117 million during the period, from £66 million the previous year, TransferWise said. Operating profit came in at £9.5 million following a loss of £519,000 last year.

The company’s accounts entered into the black for the first time in March 2017, six years after the firm was founded by Estonian entrepreneurs Taavet Hinrikus and Kristo Kaarman.

“We’ve proven that fintech can offer consumers an unbelievable experience at a low price, all whilst creating a solid business that can be trusted long-term,” Kaarman, TransferWise’s chief executive, said in a statement Monday.

“Looking forward, sustained growth and our healthy financial position means we can continue to drive down costs whilst investing in developing our product.”

TransferWise is counted among Europe’s “unicorn” start-ups — firms valued at $1 billion or more — with a reported valuation of $1.6 billion.

It has raised a total of $397 million since it was founded in 2011. Backers include asset management giant Old Mutual, Silicon Valley venture capital firms Institutional Venture Partners and Andreessen Horowitz, and British billionaire Richard Branson.

The firm says that £3 billion worth of transactions are moved around each month on the TransferWise app by its more than 4 million users.

The company makes money through fees charged on international transfers, which it boasts are up to eight times lower than those charged by banks.

Last year, it introduced its traveler-friendly borderless account to European customers, which lets users hold over 40 currencies and switch between currencies instantly. TransferWise plans to roll out the product to U.S. users later this year.

And in July, TransferWise tied up with French bank Groupe BPCE, in its first major bank partnership, to provide the lender’s customers access to its money transfer service. It has also struck deals with rival fintech firms Monzo and N26.

Monday’s earnings news could signal a changing landscape for fintech firms like TransferWise when it comes to profitability. Many start-ups in the sector have struggled to break even due to the cost of investing in their products and scaling their business while offering cheaper services than large banks.

Rival currency exchange and banking app Revolut for instance said earlier this year that it had broken even for the first time in December 2017. Meanwhile, another competitor, WorldRemit, expects to turn a profit by 2019.

The money transfer industry is a competitive one, with established giants like Western Union and MoneyGram, both of which have been investing heavily in the digital segments of their businesses.

,

Continue Reading

Business

Moonves speaks after CBS shakeup, says he’s ‘deeply saddened’

The Azeri Times

Published

on

Moonves speaks after CBS shakeup, says he’s ‘deeply saddened’

The two words that keep coming to mind are “stunning downfall.” Sunday night’s announcement by CBS is five stories in one.,

Continue Reading

Business

Watch Elon Musk’s boring machine being operated by an Xbox controller

The Azeri Times

Published

on

Watch Elon Musk’s boring machine being operated by an Xbox controller
boring-company-flamethrower-ashley-esqueda-cnet-4

Captura de pantalla: Laura Martínez/CNET

Elon Musk founded The Boring Company in order to drill holes beneath the earth and build tunnels that could possibly reinvent public transport. Most recently the company pitched a “loop” system that would connect Los Angeles suburbs to the Dodgers stadium in four minutes.

It was a company famously founded after Elon Musk got annoyed with LA traffic.

Traffic is driving me nuts. Am going to build a tunnel boring machine and just start digging…

— Elon Musk (@elonmusk) December 17, 2016

Currently The Boring Company has three machines capable of digging the tunnels required to make the “loop” systems work.

Here is the second machine, being controlled with an Xbox One controller, which The Boring Company tweeted about on the weekend:

Best video game ever indeed. This is literally the machine being used to burrow into the ground, most likely at Hawthorne, where Elon Musk’s test tunnel is currently being worked on.

Elon Musk recently appeared on the Joe Rogan podcast where he smoked weed and discussed the impending threat of AI.

,

Continue Reading
Advertisement
Sport2 days ago

Barcelona’s Turkish midfielder Turan could be jailed for 12 years

Corruption2 days ago

UK aims at shady Azerbaijani money – but is it missing the target?

Politics2 days ago

Political émigré who returned home to visit critically ill father arrested on fraudulent drug-related charges

Society4 days ago

European film festival in Baku: a Dutch cat, a Hungarian horse and a ‘faceless’ French artist

Other4 days ago

UK looking into source of wealth of former Azerbaijani official’s wife

Religion4 days ago

Azerbaijani mullahs given cars by the state

Turkey4 days ago

Street name of new US embassy building in Ankara changed to ‘Malcolm X’

Azerbaijan7 days ago

Deadly bus accident most discussed topic of the week in Azerbaijan

Corruption7 days ago

Azerbaijani oil company accused of bribing American congressmen

Azerbaijan7 days ago

Aliyev relies on newly appointed Minister to restore justice in Social Protection

Turkey1 week ago

Azerbaijani mafia boss ‘Lotu Quli’ nabbed in Istanbul

Azerbaijan1 week ago

Journalist Aytaj Ahmadova detained and physically assaulted

Azerbaijan1 week ago

The fate of stray dogs in Azerbaijan

Azerbaijan1 week ago

Students pressured to work in cotton fields in Azerbaijan

Military1 week ago

Azerbaijan purchased fighter jets from Italy

Azerbaijan2 weeks ago

Fines for smoking violations increase in Azerbaijan

Azerbaijan2 weeks ago

Azerbaijani MP calls for tighter control of Internet

Armenia2 weeks ago

Armenia’s “revolution” faces its biggest test yet

Gunman opens fire, injuring three people before he’s shot by police at Middleton office building
Politics4 weeks ago

Gunman opens fire, injuring three people before he’s shot by police at Middleton office building

Trump Says Accusations Against Kavanaugh Are Unfair
Politics4 weeks ago

Trump Says Accusations Against Kavanaugh Are Unfair

Maine restaurant sedating lobsters with marijuana to ease the pain of cooking
Politics4 weeks ago

Maine restaurant sedating lobsters with marijuana to ease the pain of cooking

Scientists Find Real-Life Version Of ‘Star Trek’ Planet Vulcan
Science4 weeks ago

Scientists Find Real-Life Version Of ‘Star Trek’ Planet Vulcan

Scientists Just Found the Guys Who Are Killing Africa’s Elephants
Science4 weeks ago

Scientists Just Found the Guys Who Are Killing Africa’s Elephants

Rivers keep rising in Carolinas as Trump tours Florence ‘nightmare’ aftermath
Politics4 weeks ago

Rivers keep rising in Carolinas as Trump tours Florence ‘nightmare’ aftermath

Azerbaijan4 weeks ago

Opposition activist sentenced to 6 years in Azerbaijan

Satellite uses giant net to practice capturing space junk
Science4 weeks ago

Satellite uses giant net to practice capturing space junk

Jimmy Butler Trade Rumors: T-Wolves Star Requests Deal, Gives Shortlist of Teams
Politics4 weeks ago

Jimmy Butler Trade Rumors: T-Wolves Star Requests Deal, Gives Shortlist of Teams

Texans coach Bill O’Brien rips superintendent for racist remark on QB Deshaun Watson
Sport4 weeks ago

Texans coach Bill O’Brien rips superintendent for racist remark on QB Deshaun Watson

People Got So Mad About This ‘Sexy’ Handmaid’s Tale Costume That the Company Is No Longer Selling It
Politics4 weeks ago

People Got So Mad About This ‘Sexy’ Handmaid’s Tale Costume That the Company Is No Longer Selling It

UCF freshman linebacker suspended indefinitely following arrest on sexual battery charge
Sport4 weeks ago

UCF freshman linebacker suspended indefinitely following arrest on sexual battery charge

Doctor, Girlfriend Accused Of Drugging And Raping 2 Women — And Maybe Many More
Politics4 weeks ago

Doctor, Girlfriend Accused Of Drugging And Raping 2 Women — And Maybe Many More

The Search for Icy Giants on a Dwarf Planet
Science4 weeks ago

The Search for Icy Giants on a Dwarf Planet

Five-Star Josiah James Picks Tennessee Over Duke, Clemson in Major Get for Rick Barnes
Sport4 weeks ago

Five-Star Josiah James Picks Tennessee Over Duke, Clemson in Major Get for Rick Barnes

Slain Iowa State golfer and suspect lived contrasting lives in college town
Sport4 weeks ago

Slain Iowa State golfer and suspect lived contrasting lives in college town

NFL Rumors: Patriots Re-Sign Cyrus Jones Off Ravens’ Practice Squad
Sport4 weeks ago

NFL Rumors: Patriots Re-Sign Cyrus Jones Off Ravens’ Practice Squad

High-tech ‘skins’ turn everyday objects into robots
Science4 weeks ago

High-tech ‘skins’ turn everyday objects into robots

Trending

© Azeri Times - All rights reserved. Republication or redistribution of the site's materials is permitted only with a mandatory reference to www.azeritimes.com. Email: info@azeritimes.com