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
-
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.
-
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.
-
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.
-
"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.
Leave a review