Azerbaijan and Hungary Deepen Economic Ties with New Agreements and Energy Initiatives

China has solidified its position as the leading importer to Azerbaijan, overtaking other countries in terms of the volume of goods imported during the first two months of the year, according to data from Azerbaijan's State Statistics Committee (SSC). During January and February, Azerbaijan's foreign trade turnover reached approximately $6.4 billion, with imports accounting for $2.65 billion or 31.7 percent of the total.

In a significant move to enhance their energy partnership, Azerbaijan and Saudi Arabia signed several key documents on May 3rd, aimed at expanding their collaborative efforts in renewable energy and climate change initiatives.

A recent study by the Institute of Socio-Economic Transformation (ISET), the CASE analytical center, and the Economic Expert Platform has revealed that the State Oil Company of the Azerbaijan Republic (SOCAR) topped the list of taxpaying gas stations in Ukraine last year. According to the research, in 2023, SOCAR led in paying fuel taxes in three quarters and payroll taxes in two quarters, as reported by tsn.ua.

Rovshan Najaf, President of the State Oil Company of the Republic of Azerbaijan (SOCAR), met on May 2 with  Alexey Chernyshov, CEO of the Ukrainian company Naftogaz, to discuss expanding collaboration in the oil and gas industry. The discussions, according to a SOCAR statement, focused on possibilities for Azerbaijani gas storage in Ukraine and explored broader energy issues including energy transition and decarbonization.