JSC Azerkosmos Defined New Contractor
JSC Azerkosmos appointed the entity responsible for the repair and construction work at the Center for terrestrial satellite control Azerspace - 1. The winner is LLC Talat, said the information on the website of Ministry of Communications.
The agreement between the parties involves the provision of services worth 46 016.91 manat.
The contract is planned to create a ground infrastructure for the reception of satellite data in real time. The information regards the monitoring of state borders, the environment, identifying oil spills at sea, monitoring emissions in the oil and gas industry, the prediction of climate change and other aspects. --17D-
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- Politics
- 27 October 2014 13:52
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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