24th International Conference "Caspian, Oil and Gas-2017"
Baku/31.05.17/Turan: The traditional Baku international exhibition-conference "Caspian, oil and gas-2017" opened on Wednesday in Baku. Over 300 companies from 30 countries are represented at the exhibition. At the opening ceremony, President Ilham Aliyev said that Azerbaijan has 2.6 trillion cubic meters of confirmed gas reserves.
"The country's oil and gas projects are a guarantee of security, stability and development in the region. These projects have a great influence on relations between countries. These pipelines are the largest state, "Aliyev said. "The project of the Southern gas corridor is expected to invest 40 billion dollars of investment.
The "Shah Deniz-2" project was fulfilled by 93%, and TANAP - by more than 70%, TAP - by 42%," Aliyev said. The southern gas corridor will ensure the long-term development of Azerbaijan. Next to the gas project is the "Big Absheron".
In parallel, gas projects "Umid", "Babek" will be realized. In the coming years, production from these fields is expected to begin, Aliyev said. Thanks to the infrastructure created, the importance of Azerbaijan as a transit country is growing. Hydrocarbons from the east of the Caspian Sea through Azerbaijan are exported to world markets. In addition, work is underway to extend the contract for the development of the Azeri-Chirag-Gunashli fields. "At the moment we are at the last stage of negotiations with foreign partners. Large deposits of oil remain on these deposits," Aliyev said. -03B06-
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- Social
- 31 May 2017 15:59
Economics
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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.
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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.
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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.
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"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.
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