Baku waits for Energy Ministers of Eastern Partnership
Baku on 8-9 September will host a meeting of the Ministers of Foreign Affairs and Energy of the member countries of the EU "Eastern Partnership".
Against the background of the military-political crisis in Ukraine feasibility study of long-term relationships between partners in the program is becoming increasingly important.
The Embassies of Belarus and Ukraine in Baku have already confirmed the participation of their countries at the event. The program of the EU Eastern Partnership, besides Azerbaijan, Belarus and Ukraine, includes Georgia, Moldova and Armenia. -17D-
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- Economics
- 29 August 2014 12:39
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- Photo sessions
- 29 August 2014 12:56
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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