New Skyscraper Building of SOCAR Opened
Today, with the participation of President Ilham Aliyev an opening ceremony was held for a new administrative building of the State Oil Company of Azerbaijan (SOCAR).
The 40-storey building is 200 meters high. It stands on Heydar Aliyev Avenue. Construction of the building began in October 2010. According to unofficial data, the construction of the building and landscaping of the surrounding area cost of 335 million USD. -06D-
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- Question-answer
- 30 May 2016 11:15
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- Politics
- 30 May 2016 12:01
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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