New shipbuilding plant is put into operation in Baku
Opening of the Baku Shipyard Garadagh took place with the participation of the President Ilham Aliyev. The shareholders of the plant are SOCAR (65%), Singapore's Keppel Offshore & Marine (10%), and Azerbaijan Investment Company (25%).
This company is the largest shipyard in the Caspian Sea. Its production capacity is 25,000 tons of steel per year, SOCAR president Rovnag Abdullayev.
The company is able to produce annually four tankers with 15,000 tonnage, or two tankers with 70,000 tonnage, four vessels to supply platforms, to repair 80-100 vessels for different purposes. Two tugs carrying capacity of 50 tons were built at the plant.
Initially, the plant will employ 1,250 people, and in the future, the number of employees can be increased up to 2000. ---06D--
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- Politics
- 21 September 2013 13:17
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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