Iranian president urged investors to invest capital into oil and gas industry of the country
Iranian President Hasan Rouhani has offered the world oil and gas companies to invest $110 billion into the Iranian oil industry and $75 billion into the petrochemical field.
He also told to the representatives of big companies at the World Economic Forum in Davos that they could invest $33 billion into the railway projects in Iran. The statement was made at the meeting with about 30 top managers of big energy corporations within the framework of the forum, reported Fars agency.
Meanwhile, the Iranian Oil Ministry has decided to postpone the conference scheduled for April 2014 in London, where it was planned to present the new schemes of contracts with foreign investors in the oil industry. Mehdi Hosseini, head of the Committee created in the Ministry to draft new oil contracts, said that the conference will take place in July 2014. He also refuted statements of media about postponement of the conference till November 2014.--0--
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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