Kaspar is looking for insurer
The CJSC "Azerbaijan Caspian Shipping Company" (Kaspar) plans to decide on the insurer property on its balance sheet before February 29. According to the information on the site of the closed joint-stock company, the winner will be revealed on the basis of open competition.
Kaspar as a CJSC company was established by the decree of the president of the country on 22 October, 2013, when the assets of the Azerbaijan State Caspian Shipping Company and SOCAR Caspian Sea Oil Fleet of State Oil Company were merged. The joint structure includes not only transport, but also specialized ships and shipyards. --17D-
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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