Baku offers Tehran to transport hydrocarbons to Europe via Azerbaijan
«Many companies from around the world are eager to invest in Iran after the nuclear deal with the International Six. However, Tehran considers it a priority above all cooperation with its neighbors and the first place is Azerbaijan," said the president of Iran Hassan Rouhani, receiving in Tehran on Tuesday the Minister of Economy and Industry Shahin Mustafayev.
According to IRNA, Rouhani called Azerbaijan "gateway to the Caucasus." At the same time, he said that Iran can become for Baku "a way to the Persian Gulf."
Referring to cooperation in the energy sector, Rouhani said that "joint investments in the Caspian Sea could open a new page in this area."
In turn, Shahin Mustafayev expressed confidence that the nuclear deal of Iran will have the most beneficial impact on regional cooperation and stability.
"Baku is determined to strengthen its cooperation with Iran in the energy, trade, transport, petrochemicals, banking and agricultural areas," said Mustafayev.
Today, he met with Iranian Oil Minister Bijan Zangyan during which Mustafayev noted that Iran could use the infrastructure of Azerbaijan to transport its oil and gas to Europe, and the future could join the project TANAP.
At a meeting with Minister of Economy of Iran Ali Talibniya, the parties agreed to establish a bilateral committee on investments and the reactivation of Iranian financial institutions in Azerbaijan.
The current level of trade between the two countries in the amount of 500 million USD may rise by several times, said the Iranian minister. -02D-
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- Social
- 4 August 2015 16:54
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- Political Monitoring
- 4 August 2015 18:36
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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