In connection with the future expansion of production at the refinery named after Heydar Aliyev (specializes in the production of fuel) it is planned to dismantle the older refinery of SOCAR - Azerneftyag (producing oil and lubricants ). This was announced today in an interview with the President of SOCAR Rovnag Abdullayev.
According to him, this process will begin approximately in 2017, as the new 7-8 facilities in the Heydar Aliyev Refinery will be gradually put into operation in 2018.
Note that the refinery Azerneftyag exists since the 80s of the XIX century. Since then the plant has been repeatedly upgraded. In recent years it processed more than 1 million tons of oil per year. For comparison - the current processing capacity of the Heydar Aliyev Refinery is 5 times more. --12C-
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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