Energy cooperation must be free from political format and conjuncture, President Ilham Aliyev stated on Monday at a meeting of the Advisory Board of the "Southern Gas Corridor." Aliyev focused on the need for rapid implementation of the project "Southern Gas Corridor", and stressed that the removal of all obstacles needs unification of the efforts of all interested governments and the European Union. In turn, SOCAR’s President Rovnag Abdullayev said that Azerbaijan is ready to provide additional supply of up to 500 million cubic meters of gas to Georgia annually. Until now it was delivered up to 800 million cubic meters of gas, but managed to increase the volume of supply to 1.5 billion cubic meters, he said. -02D-
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review