Azerbaijan exported in January- June this year, petroleum products worth more than $ 14.95 billion, or $ 1.25 billion or 7.7 % less than in the corresponding period of 2012. The share of oil and gas exports amounted to 94.3 % of the total merchandise exports of the country , which is 1 % less than in the previous year.
According to the balance of payments, in the total volume of oil exports for the period $ 13.3 billion (in the first half of 2012 - $ 14.8 billion), or 93.7 % accounted for crude oil and $ 0.9 billion was the share of oil products. In the structure of exports of crude oil produced cost of the Azerbaijan International Operating Company (AIOC) of oil was $ 12.6 billion ($ 13.9 billion). During the reported period, other companies of the country exported oil for $ 0.7 billion ($ 0.9 billion), including $ 625.6 million ( $ 839.1 million ) by the State Oil Company.
The volume of gas exports for the six months amounted to about $ 757 million is 25% more than in the comparable period last year. - 15B -
Economics
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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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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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