EU Commissioner for Energy visits Azerbaijan
European Union Commissioner for Energy, H.E. Gunther Oettinger will travel to Azerbaijan on 1-2 September. In Baku he will hold meetings with President Ilham Aliyev, Minister of Foreign Affairs Elmar Mammadyarov, Minister of Energy and Industry Natig Aliyev and other officials. After the visit to Azerbaijan, the Commissioner will travel to Ashgabat, Turkmenistan.
"The visit of EU Commissioner Oettinger to Azerbaijan constitutes another step towards the actual implementation of the Southern Gas Corridor as stipulated in the 2011 Joint Declaration signed between President of the European Commission Barroso and President of Azerbaijan Aliyev. Since then, we have witnessed remarkable progress in the realisation of the Southern Gas Corridor, notably through the Azerbaijan-Turkey gas sales and transit agreement, the Intergovernmental Agreement on TANAP and the preliminary selection of the specific projects to deliver Azerbaijani gas directly to EU markets. All these illustrate the commitment from Azerbaijan to the successful realisation of the corridor and I believe our strategic cooperation in energy will advance even further," said the EU Ambassador to Azerbaijan Roland Kobia on the eve of the Commissioner's visit to Azerbaijan.
Mr. Gunther Oettinger was nominated as a Member of the European Commission in charge of energy issues in February 2010. In the years 2005 - 2010 Mr Oettinger held the post of the Minister-President of Baden-Wurttemberg, Germany and was a Member of the State Parliament of Baden-Wurttemberg from 1984 to 2010. During his term as EU Commissioner for Energy, Mr Oettinger has visited Azerbaijan already three times. -0-
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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