For the first time since 1995 oil production in US has topped import of hydrocarbons, Jay Carney, the White House speaker, told journalists yesterday.
“This is a result of increase in oil production and policy pursued by the US administration,” he said. He cited an example of toughening of standards of automobile fuel consumption, which allowed reducing oil consumption, pollution of environment with carbonic acid and reducing the consumers’ costs.
The new strategy of energy safety has been worked out since Barack Obama’s coming to power. It, particularly, envisages reduction of foreign oil import by one third during ten years and increase in local production of hydrocarbons. President offered to reduce energy resources consumption and invest in development of such alternative sources, as geothermal, solar and wind power, bio fuel and production of more efficient and ecologically clean cars, reported http:///www.itar-tass.com.--0--
Economics
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The European Bank for Reconstruction and Development (EBRD) has released its Transition Report 2024-25 for Azerbaijan, praising notable achievements in macroeconomic stability and the banking sector. However, the report underscores persistent vulnerabilities stemming from the country’s dependence on hydrocarbons and provides a detailed outlook for its oil-rich economy.
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The Azerbaijan Caspian Shipping Company (ASCO) announced the commissioning of its newly built vessel, "Bergyushadchay", on November 28. Constructed at the Zykh Ship Repair and Construction Yard, the vessel is now part of ASCO's Caspian Sea Oil Fleet as an auxiliary ship, according to the company's statement.
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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