Azerbaijan negotiates with budget airlines of Hungary and Turkey
The Azerbaijani government has agreed to a Turkish airline Pegasus on the implementation of flight Istanbul-Gabala-Istanbul. A spokesman for the state airline CJSC "Azerbaijan Airlines" Pasha Kesamanski said Turan, that the international airport in Gabala was the choice of the airline. The date of the flight and the airline will appoint the intensity of Pegasus.
A permission was granted to perform flights on the route Budapest-Baku-Budapest by the airline Wizz Air. Relevant letter was sent to the Hungarian airline on 24 August. However, the airline plans to begin flights no earlier than March 2016. In the near future the parties will proceed to the agreement details.
AZAL representative said that in the winter of this year, one of the Turkish private airline plans to fly to Lankaran Airport. 08B
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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