GDP Increased by 1.1%

In a concerted effort to address the financing gap for Sustainable Development Goals (SDGs) in the Global South, Turkey and Azerbaijan have joined forces to host an event titled "Opening Private Sector Capital to Investment Opportunities Consistent with Sustainable Development Goals in the Global South." Held at the House of Turkey in New York, the event underscored the imperative of private sector engagement in advancing sustainable development agendas.

In a significant development in the energy sector, SOCAR (State Oil Company of Azerbaijan Republic) and the French oil and gas giant TotalEnergies have successfully concluded a deal to sell a 15% stake in the Absheron gas field development project to ADNOC (Abu Dhabi National Oil Company) from the UAE. The announcement was made by TotalEnergies, highlighting the continued collaboration between major players in the global energy market.

BP, the operator of the Azeri-Chirag-Deepwater Gunashli (ACG) field development project, has initiated a scheduled maintenance shutdown at the Deepwater Gunashli platform as part of its annual work program. The temporary suspension of production, which commenced on April 25 and is expected to last for 15 days, aims to facilitate crucial maintenance, inspection, and design activities.

The allocation of funds for social protection and security has surged in Azerbaijan, raising questions about the possibility of further increases in salaries, benefits, and other social provisions this year. In the first quarter of 2024, state budget expenditures in this realm exceeded forecasts by a significant margin, signaling a potential shift in priorities towards bolstering social welfare.