On 14 September the State Committee on Property (SCP) will hold an auction for the sale of three Mi-8MTV1. This is another attempt to sell through the auction these helicopters produced in 1991-1993. The starting price for the helicopters has not changed, and is 130 023, 134 271 and 134 323 AZN. The SCP noted that these helicopters are not suitable for use, but can be used after the reconstruction and modernization. Recently the Russian holding "Helicopters of Russia" announced plans to open in Azerbaijan a Center to repair of helicopters Mi-8/17. The corresponding agreement is expected to be signed at the exhibition ADEX-2016 by the end of September. It provides for the opening of businesses on the basis of Silk Way Helicopter Services service center in Baku for maintenance and overhaul of helicopter equipment. 08D
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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