In 2013 State Oil Company of Azerbaijan (SOCAR) exported 24.23 million tons of oil to the world markets via three routes – Baku-Novorossisk, Baku-Tbilisi-Ceyhan (BTC) and Baku-Supsa.
According to SOCAR, last year 1,751,000 tons of oil was exported via the Baku-Novorossisk pipeline.
Azerbaijan’s profitable oil Azeri Light extracted from the Azeri-Chirag-Guneshli bloc of fields was exported via BTC and Baku-Supsa. Oil export via the Baku-Supsa pipeline totaled 2,725 million tons. 19,748,000 tons of profitable oil was exported via the Baku-Tbilisi-Ceyhan pipeline.
Profitable oil is distributed among the shareholders of the projects depending on their share in the ACG fields development.—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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