Azerbaijan tries to regain the status of a full member of EITI
The State Oil Fund held a regular meeting of the multilateral groups for use in Azerbaijan Transparency Initiative in the Extractive Industries (EITI.) The participants of the meeting approved the work plan of the Group for 2016, and the results of the EITI report for 2014. They also discussed steps to restore full membership of Azerbaijan in the EITI and implementation of the action plan.
EITI is a multilateral international initiative, which brings together governments, companies, investors and civil society institutions. The EITI defines global standards for transparency in oil, gas and mining industries. Azerbaijan joined this process in 2003. However, in April 2015 because of pressure on civil society, including NGOs, involved in the EITI, Azerbaijan's membership in the organization was downgraded from full member to the candidate.
Apparently, the economic crisis because of the collapse in oil prices forced Baku to look for ways to improve the image in the eyes of investors and international financial organizations.-05C06-
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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