National plan of measures to prevent oil spill worked out
The Azerbaijan Ministry of Emergency Situations has worked out the national plan of measures to prevent oil spill, Tariel Huseynov, chief of the Ministry’s Department to Develop Infrastructure, said yesterday during his speech at the seminar “Reduction of Atmospheric Emission, Prevention of Oil Spill and Cleaning Technologies.”
“The document has been worked out, discussed several times and it is going to be submitted to the Cabinet of Ministers,” he said.
Three seminars devoted to oil spill, offshore technologies development and oil wells drilling technologies organized by the Norwegian embassy in Azerbaijan, Azerbaijan Ministry of Emergency Situations, SOCAR, Caspian Drilling and Statoil companies will take place in Baku from October 29 to 31, 2013.
Over 20 Norwegian companies will hold presentations about various fields of oil and gas industry of the country during the seminars.—0-
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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