Local Ports Process 7.3 Million Tons of Cargo
As of August 1, Azerbaijan's seaports handled 7.3 million tons of cargo, which is 1.8% more than in January-July of last year.
According to the State Statistics Committee, handling the international transit of goods amounted to 86.5% of the total volume, and the rest (13.5%) occurred on local goods.
Azerbaijan has four ports (Baku, Sumgait, Lankaran and Astara) for transfer of goods. The Baku port is the largest of them. It has 17 berths, of which 5 are for oil and oil products, 10 - for transporting timber and other bulk carriers and 2 - for passengers. Baku port also has large oil terminals in Dubendi and Sangachal. - 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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