The Asian Development Bank (ADB) has predicted the decline of the Azerbaijani economy by 2.5% in 2016, according to an updated review of the Asian Development Outlook 2016.
The ADB earlier forecast economic decline of 1%.
In 2017, ADB forecasts economic growth by 1%.
ADB predicts inflation in Azerbaijan by 12% in 2016 and 5.2% in 2017.
ADB noted that the economies of energy exporters such as Azerbaijan, Kazakhstan and Turkmenistan will remain under pressure due to low oil and gas prices. In 2017, the ADB expects increased demand and therefore prices for natural resources. ------71D
Economics
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Azerbaijan’s drive to attract investment into its industrial and agricultural zones is gaining momentum, with the government registering 31 new resident companies across economic zones in 2023. The Economic Zones Development Agency (EZDA) also granted non-resident status to one company, marking a new phase in the country’s efforts to stimulate economic growth in post-conflict areas and beyond.
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The State Oil Company of Azerbaijan (SOCAR) is stepping up its international expansion in upstream operations, marking a strategic shift in its global portfolio. The company’s recent acquisitions— a 10% stake in Israel’s Tamar gas field and a 3% share in the SARB and Umm Lulu offshore oil projects in Abu Dhabi—signal its growing ambitions beyond Azerbaijan’s borders.
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BP plans to drill 19 wells at the Azeri-Chirag-Guneshli (ACG) oilfield block in 2025, maintaining its drilling activity at the same level as in 2024, a senior company executive said on Tuesday.
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The International Association of Drilling Contractors (IADC) opened its annual "IADC Drilling Caspian" conference in Baku on Tuesday, bringing together industry leaders to discuss advancements in oil and gas drilling, as well as the growing role of geothermal energy.
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