Meeting of Advisory Board of Southern Gas Corridor
February 29 a meeting of the Advisory Board of the Southern Gas Corridor started in Baku with the participation of the President of Azerbaijan.
The Council's work also involves the Ministers of Energy of the states of the Southern Gas Corridor, including the Vice-President of the European Commission on Energy Maros Shefkovich, Turkish Energy Minister Berat Albayrak, the special representative of US State Department Amos Hockstein, Special Representative of the UK Energy Edmund Hosker, Secretary of State of Italy Claudio De Vincenti, etc. .
Following the meeting, the Minister of Energy of Azerbaijan Natig Aliyev and the European Commission Vice-President for Energy Maros Shefkovich will make statements for the press.
As expected, the meeting participants will discuss the prospects and practical issues relating to the functioning, security and development of the Southern Gas Corridor.
As expected, it will focus on how to connect Iran and Turkmenistan to the corridor for the purpose of supply of natural gas to Europe. -02D-
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- Politics
- 29 February 2016 12:06
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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