In January and February 2016 Azneft, production company of SOCAR, extracted 1,037,800 tons of oil.
Azneft reported that during this period the oil production plan has been over fulfilled by 0.3%
In January and February 2016 gas production by the company totaled 994,609,000 cub.m. The plan has been overfulfilled by 3%.
In January and February 2016 27 inactive wells were put back into operation and 3,956 tons of oil was extracted from them.
In 2015 Azneft extracted 6,778,000 tons of oil and 6.1 bcm of gas.—0—
Economics
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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