A delegation from Baku to discusses in Tirana the implementation of the gas pipeline TAP
On 19 December the Azerbaijani delegation consisting of: Energy Minister, SOCAR president Rovnag Abdullayev and Deputy Foreign Minister Khalaf Khalafov had talks in the capital of Albania with members of the Government.
According to the press service of SOCAR, during the visit was signed an intergovernmental memorandum on cooperation in the implementation of general plan on gasification of Albania.
Th talks were also with Prime Minister Edi Rama, Speaker Ilir Meta, Energy Minister Damian Jiknuri.
The main topic of these meetings and negotiations was the issue of the gas pipeline project TAP (Trans), which will run through Albania, along the bottom of the Adriatic to Italy. -02D-
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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