Baku Shipyard becomes a resident of the industrial park
LLC "Baku Shipyard" was given the status of a resident of Garadagh Industrial Park (GPP), Turan was told in the Ministry of Economy and Industry. The order on the establishment of the GLP was signed on 3 June this year. By the same document the President instructed the Cabinet of Ministers to prepare proposals for the application of the industrial park in Garadagh other incentives for long-term development of the shipbuilding industry.
Management structure of the GPP is the administration of "Sumgait Chemical Industrial Park," (Schip). Schip is also entrusted with the management of the industrial park Mingachevir. According to the regulations on industrial and technological parks, their residents are exempt from taxes for a period of seven years.
Baku Shipyard has been operating since 2013. The company is able to build four ships with carrying capacity of 15,000 tons each. Its owners are SOCAR (65%), JSC "Azerbaijan Investment Company" (25%), and "Keppel Offshore & Marine" (Singapore, 10%).—08B--
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review