"Azerkosmos" will own the French Earth observation satellite
LLC "Azerkosmos" plans to own till the end of the year an Earth observation satellite "SPOT 7" by the French company "Airbus Defense and Space", and start its commercial operation.
The work on an agreement "On strategic cooperation", which will be signed between these structures is at its final stage, according to the press release of the Ministry of Communications and high technology . The document provides for a distribution of profits from joint use satellites "SPOT 6" and "SPOT 7", training of local staff in the management, and marketing of satellite exports of modern technology and knowledge by the company "Airbus Defense and Space" in Azerbaijan, and other matters.
On June 30 this year the company “Airbus Defence and Space” launched a satellite into orbit "SPOT 7" in the frames of cooperation with Azerkosmos.
Memorandum of Mutual Understanding on Cooperation in the field of observation services between Azerkosmos LLC and Airbus Defense and Space was signed in Baku on May 12, 2014. - 17D-
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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