BTC Transports Nearly 18 Million Tons of Azerbaijani Oil This Year
The State Statistics Committee informs that the Baku-Tbilisi-Ceyhan (BTC) pipeline from 1 January to 1 August supplied 20 million 596.4 thousand tons of oil, accounting for 78% of the total pumping volume. Of these, 2.8 million tons were transit cargo. In general, the pipeline transported in different directions 26 million 400 thousand tons (minus 3.8% versus the same period last year).
At the same time the total volume of cargo transportation by all modes of transport by 1 August was at a level of 123 million 603.4 thousand tons (minus 2.1%), with 82.2% of cargo on private transport (+ 1.7%).
Most of the goods were transported by road - 77 million 167.7 thousand tons (+ 2.8%), 26.4% - by pipelines, 8 million 263.9 thousand tons – by train (minus 18.6%), 3 million 20.1 thousand tons – by sea transport (minus 27.1%). The real plus (+ 21.1%) came from the air carriers - 85.1 thousand tons. --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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