Under its base rating case, Fitch expects SOCAR's oil production to decline and its gas production to increase moderately in 2013-2015. The oil production decline follows the depletion of existing brownfields in Azerbaijan, SOCAR's only upstream region.
At the same time, the agency forecasts that the main production gains will be achieved in natural gas from Azerbaijan's production-sharing agreements (PSAs), in particular the Stage 2 of Shah Deniz gas PSA, in which SOCAR has a 10% stake and which expects to increase its production by 16 bcm of gas and 4m tons of gas condensate from 2017.-0--
Economics
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Azerbaijan is set to significantly increase the proportion of electricity generated from renewable sources, currently standing at 14.4%, Deputy Economy Minister Samad Bashirli announced on Thursday at the Think Tanks Forum of the Organization of Economic Cooperation (OIC) held in Baku.
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Azerbaijan has entered into a partnership with Italian energy firm Technip Energies SpA to implement a pyrolysis oil production project aimed at enhancing waste recycling and promoting sustainable development, officials said on Tuesday.
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Belarus and Azerbaijan signed multiple cooperation agreements on Tuesday following talks between Belarusian Prime Minister Roman Golovchenko and Azerbaijani Prime Minister Ali Asadov during Asadov’s official visit to Minsk on October 3.
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Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
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