It"s time to reveal details about the owners of companies - participants of mining contracts
BAKU/18.10.13/TURAN : Companies engaged in the development and production of minerals, unveil data about the owners ( major shareholders) and their share in the authorized capital . This proposal will address the members of the executive committee of the Initiative Extractive Industries Transparency (EITI secretariat with the Norwegian city of Oslo) to the governments of the countries - participants .
According to the founder of the Center for Economic Research Professor Gubad Ibadoglu , the decision was taken at the 25th working session in the city of Abidjan ( Ivory Coast , Africa) . According to a member of the Board of EITI , during a meeting of two relatively transparent countries - Kazakhstan and Cameroon accepted into the ranks of the international organization , Ukraine and Senegal also received candidacy . Now it is represented in 41 countries with 16 candidates.
At the conference Ibadoglu told delegates about the political and technical difficulties in obtaining information about Azerbaijani oil producers . Any information on oil contracts at the level of secrecy is protected , but it is time to get rid of the pernicious tendency , especially since the state budget for 93-94 % is formed by the mining industry and investment projects for which funds have also come from the sale of crude oil and partially petroleum products , he added. - 17D-
-
- Economics
- 18 October 2013 15:19
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