Azerbaijan is Increasing the Refining of Russian Oil Due to the Decline in Domestic Production

The Ministry of Finance of Azerbaijan announced a 1.7 billion manats increase in its forecasted state budget revenues and expenditures for 2025, signaling a more optimistic outlook for the country’s financial situation.

Today, the SAP Discovery Day Baku 2024 forum kicked off at the Ritz-Carlton Hotel, with more than 300 executives and specialists from leading companies in Azerbaijan and abroad in attendance. The event is dedicated to the latest trends and approaches in business process transformation, with participants sharing their experiences in implementing various projects.

Azerbaijan’s oil and gas sector continues to ensure stable employment: according to the State Statistics Committee, 31.7 thousand people were employed in the industry during the first nine months of 2024. The sector remains a crucial pillar of the national economy, offering some of the highest salaries in the country, although differences in pay between state-owned and private enterprises are noticeable.

In a move to accelerate technological advancements in telecommunications, the Azerbaijani Investment Holding (AIH) and China’s FiberHome Telecommunication Technologies Co., Ltd. signed a Memorandum of Understanding (MoU) in Baku on October 15. The agreement is aimed at fostering closer collaboration in telecommunications technology, marking a significant step in Azerbaijan’s ambitions to expand its digital infrastructure and introduce cutting-edge business practices.