Insurance of SOFAZ Building to Be Cheaper
The State Oil Fund has concluded an agreement on compulsory insurance of an administrative building and the civil liability related to its operation, as well as voluntary insurance of movable property. As in the past year, the insurer is Pasha Sigorta JSC.
The cost of the contract is 140.3 thousand manat. This is 22.6 thousand manat less than in 2016, SOFAZ reports.
The contract for the construction of the 26-storey SOFAZ tower was signed in December 2011 with the company N.V. Besix S.A. The opening ceremony of the administrative building took place in December 2014. -----08D
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- Economics
- 29 March 2017 14:31
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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