Ilham Aliyev opens two factories in Sumgayit
On Tuesday the President Ilham Aliyev participated in the opening of a factory in the city of Sumgait for oil production under “Industrial Park Azersun.” The raw material for the factory is vegetable oil imported from Spain, Portugal, Ukraine , Argentina, and Brazil. The capacity of the factory will be 270,000 tons of oils , including corn, sunflower , margarine , melted , chocolate and mayonnaise.
It is proposed to export oil to Georgia , Iraq , Tajikistan, Kazakhstan , Turkmenistan, and others states. The factory will employ 250 people, and in the future the number of jobs will be 700.
Then Aliyev opened a factory for the production of paper and paperboard, which is also under the “Industrial Park Azersun.” Annually the plant will process about 50 tons of paper.
Ninety per cent of the raw material will be blank paper and paper waste. Thirty points will be opened for the collection and preparing paper wastes at the capacity of 60-70 tons will open all over the world. -06D-
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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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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