Canadian Company to Develop Oil Fields Muradkhanli - Jafarli - Zardab
The development of the promising oil fields block Muradkhanli - Jafarli - Zardab has been undertaken by the Canadian company Zenith Energy.
As the President of SOCAR Rovnag Abdullayev told the media, the contract is almost ready and the country's leadership has permitted to sign it.
"Currently, the sides are elaborating the remaining details of the agreement. This block of fields is technically very complex; there are some problems, but the technical staff is already working these issues," he said. --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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