The functionary reminded that Iran imports 1 million m3 of gas per day from Azerbaijan on swap contracts for Azerbaijan"s exclave Nakhchivan Autonomy.
SOCAR intends to modernize the gas infrastructure towards Iran to increase the gas export in this direction. The company plans to complete the Astara gas compressor station"s modernization by September 15, raising the operational pressure from 50 to 75 atmospheres. This will let SOCAR increase the gas export to Iran from 1.2 million to 5 million m3 per day.
* Azerbaijan has been supplying gas to Nakhchivan through Iran since November 5, 2006. The supplies totaled 179.7 million m3 in H1, 2010. SOCAR and Iran"s National Gas Export Company agreed about the supply of 100 million m3 from Azerbaijan to Iran on January 13, 2010. But the gas was not supplied because of the existing pipeline"s limited throughput. --12В--
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- Telecomnews
- 27 August 2010 06:37
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- Want to say
- 27 August 2010 12:49
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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