Cabinet approves the Master Plan of the city of Naftalan
On 4 November the Cabinet of Ministers approved Draft Master Plan of the city of Naftalan of republican value (http://goo.gl/HWu1z0), according to the State Committee for Urban Planning and Architecture, which is a customer of the main planning document of Naftalan - resort town.
The development of the General Plan of the city of Naftalan began in 2013 by the company "Renesans Studio". The project was submitted to the Government in August this year.
This year the local executive authorities approved the draft master plan of seven cities (Hajigabul, Neftchala, Balakan, Siyazan, Yardimli, Zardab and Zagatala). 08B
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- Question-answer
- 13 November 2015 15:17
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- Economics
- 13 November 2015 15:52
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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