In quarter 1, 2016 tank oil production dropped by almost 39,000 tons
In quarter 1, 2016 oil production in Azerbaijan totaled 10,506,200 tons of tank oil, down 1.5% against the same period last year.
According to the Azerbaijan State Statistical Committee from January to March 2016 tank oil production dropped by 38,900 tons (288,000 barrels).
In 2015 oil production, including gas condensate, in Azerbaijan totaled 41,689,000 tons.
In 2016 the Azerbaijani government forecasts oil production at 40,744,900 tons.—0--
Economics
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Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
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Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
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Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
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The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
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