Economics
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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.
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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.
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In a significant development for the North-South international transport route, exploration work on the Rasht-Astara railway section, which will connect Azerbaijan and Iran, is scheduled to begin in June 2024. This announcement was made by Dmitry Zverev, the Deputy Minister of Transport of the Russian Federation, during the XV International Economic Forum "Russia – the Islamic World: KazanForum 2024," as reported by TASS.
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Azerbaijan’s once-burgeoning oil revenues are on the decline, posing a significant challenge for the nation’s economy. The State Oil Fund of Azerbaijan (SOFAZ) is projected to receive approximately $5 billion from oil sales this year, a sharp drop from previous years. In 2022, buoyed by high oil prices, revenues surged to about $10 billion. However, last year’s figures dipped to just over $6 billion, and further declines are anticipated due to decreasing production.
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