Azerbaijan Accelerates Renewable Energy Drive: Plans to Launch 8 Industrial-Scale Power Plants by 2027

The Government of Azerbaijan continues to prioritize the development of its transport sector, as evidenced by the growth and diversification of various modes of transport during January-April 2024. The total volume of cargo transportation by all vehicle types in Azerbaijan reached 73.8 million tons, up from 71.2 million tons in the same period last year. Notably, 77.3% of cargo transportation was carried out by private transport enterprises, with the remainder managed by state-owned companies.

In the first four months of 2024, Azerbaijan's agricultural sector contributed 2.116 billion manats to the country's gross domestic product (GDP), reflecting a 1.6% increase compared to the same period in 2023.

Azerbaijan's oil and gas sector experienced notable declines in production and exports in the first four months of 2024, according to the latest reports from the State Statistics Committee and the Ministry of Energy. The total output of liquid hydrocarbons, which includes oil and gas condensate, reached 9.64 million tons from January to April 2024, a 5.7% drop compared to the same period in 2023.

The Azerbaijan Space Agency (Azercosmos), under the Ministry of Digital Development and Transport, has announced the results of an open tender for the insurance of the Azerspace-1 telecommunications satellite, valued at $66.5 million. The tender was awarded to JSC PASHA Insurance, Azerbaijan's leading insurance company.