Aliyev Discusses Extension of Azeri-Chirag-Guneshli Contract with BP Management
The questions of extending the terms of the Azeri-Chirag-Gunashli development project and the development of the Shah Deniz field and the shallow part of the Absheron field were discussed at today’s meeting of President Ilham Aliyev with the regional President of BP Harry Jones and the head of BP's mining division Gordon Birrell.
The President and Vice President of SOCAR, Rovnag Abdullayev and Elshad Nasirov, also took part in the meeting. -16D-
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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