Klaus Müller
New Executive Director at Azerfon LLC
The Executive Director of LLC Azerfon (under the brand name Nar) Kent McNeely, thinking about career development, leaves the company. On August 31, it will be headed by Klaus Mueller - Chief Operating Officer of Deutsche Telekom (German ICT structure with mobile phones in 12 European countries).
According to Azerfon with reference to the Chairman of the Board Georgios Koronias, the appointment of Mueller will become a new landmark in the dynamic development of Azerfon. ‘His experience in value creation, gained in various markets, will be very useful for us. As Chairman of Azerfon LLC Board of Directors, I support Klaus Mueller as our new CEO.’ --17D-
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- Economics
- 30 August 2016 13:20
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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