BP, a key player in the energy sector, has announced a significant milestone in the development of the Shah Deniz field, with the commencement of gas production on the northeastern flank as part of the Stage 2 expansion. This development marks a crucial step forward in Azerbaijan's energy ambitions and underscores BP's commitment to enhancing gas production capacity in the region.
Norway, Algeria and Azerbaijan are doing their best to maintain high levels of natural gas exports to Europe amid declining Russian supplies. As S&P Global notes, two years since Russia launched a full-scale invasion of Ukraine that helped trigger what may be the worst gas crisis in European history; market dynamics have changed dramatically, with sources and routes of supply significantly altered.
The insurance sector in Azerbaijan demonstrated continued resilience and growth momentum in January 2024, with premiums collected by insurance companies reaching 139 million 113.5 thousand manats, marking a robust increase of 5.5% compared to January 2023, as reported by the Central Bank of Azerbaijan.
In recent months, a downward trend in prices for essential food items has been observed worldwide. According to the Food and Agriculture Organization of the United Nations (FAO), the FAO Food Price Index (CPI) in January 2024 decreased by 1.0% compared to December of the previous year. The FAO recorded a mixed picture, with the sugar price index increasing, while the grain and meat price indices decreased. Changes in dairy products and vegetable oils were reported to be slight. Overall, the FAO food price index was 10.4% lower than the corresponding indicator last year.