Algeria offers Azerbaijan participation in construction of oil refineries and electric stations
Algeria hopes for participation of Azerbaijani companies in construction of electric stations and oil refineries in Algeria, reported the Azerbaijan Ministry of Energy.
The issue was discussed at the meeting between Azerbaijan Deputy Energy Minister Gulmammad Javadov and General Secretary of Energy Ministry and Algeria’s representative in OPEC Ahmad Messili in Baku on April 22, 2015.
“During the meeting Messili has described potential of the oil and gas as well as electric energy industries of Algeria and the reforms conducted in these fields. He also said that in the coming years the Algerian government plans to build new oil refineries and electric stations and it will be happy if Azerbaijani companies take part in the bids,” said the same source.
Outside of Azerbaijan SOCAR is mainly involved in oil products trade. Only last year it started construction of oil refinery in Turkey, launching of which is scheduled for early 2018.—0—
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