In 2013 first time in past several years Azerbaijan’s oil industry had positive results.
According to the Azerbaijan State Statistical Committee, in 2013 oil and gas industry increased by 1.1%. In 2012 oil and gas industry declined by 4.2% against 2011.
The oil and gas industry started declining in Azerbaijan since 2011.
In 2013 oil and gas industry had positive results, first of all at the expense of resumption of oil production growth.
In 2013 oil production in Azerbaijan totaled 43.1 million tons, up 0.3% against 2012 (42,895 million tons with the production decline by 5.3%).
Last year gas production totaled 17.9 billion cub.m., up 3.8% against 2012 (17,240 billion cub.m. with the growth by 5.4%).—0—
Economics
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In late February, the governments of Pakistan and Azerbaijan are expected to sign an investment agreement worth $2 billion, which will include several projects with SOCAR (State Oil Company of Azerbaijan). According to Turan, the energy cooperation projects discussed in January in Islamabad and Baku will feature in the agreement. These projects include energy efficiency initiatives, the construction of a pipeline, and SOCAR’s plans to explore the creation of underground gas storage facilities in Pakistan, as well as documents provided by the Pakistani side related to the exploration and extraction of hydrocarbons in the country.
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Azerbaijan continues to face an acute water shortage that affects both drinking and irrigation supplies, a problem that, despite frequent media attention, remains unresolved. Farmers are particularly feeling the pressure.
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BAKU, Feb 3 (Reuters) - Representatives from Azerbaijan’s State Tax Service (STS) participated in the latest session of the working group on tax, customs, and legal issues hosted by the German-Azerbaijani Chamber of Commerce.
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The Agency for the Development of Small and Medium Enterprises (KOBİA) has issued 192 start-up certificates to entrepreneurs, approximately 50% of whom are youth, according to Orkhan Mammadov, Chairman of KOBİA. The announcement was made at the Fifth Young Entrepreneurs Forum in Baku, underscoring the government's increasing focus on fostering innovation among the nation’s young entrepreneurs.
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