Loss of heat supply up to 67 million manat
The company supplying thermal energy Azeristiliktechizat has disclosed its financial statements for 2011, according to which its losses from business activities amounted to 9,253,000 manat. The causes of loss-making are not reported in the audit report.
According to the press statement of the financial position on the first of January this year, the losses of Azeristiliktechizat reached 66.8 million manat. The accounts receivable totaling 12 million manat, the financial obligations of the company are 78 million manat. Mainly due to government investment in the development of heat supply system, the assets of the company for 2011 increased by 22% and reached 141.5 million manat.
In 2011, on the production of thermal energy at a total of over 3 million manat there was spent 7.8 million manat. In this case, the administrative and other expenses of Azeristiliktechizat for the year were 19.4 million manat, AZN 4.5 million more than in 2010.
JSC Azeristiliktechizat has acted for about five years. It primarily caters to villages on the Absheron peninsula. - 08B -
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