During 10 months of this year, exports of goods of non-oil sector of Azerbaijan totaled $ 1.4 billion. This is 0.7% more than in the same period of 2013. In neighboring Georgia, for example, where the production does not include oil, gas and petroleum products, the dynamics of export growth during this period went up by 5.2%.
According to estimates of SSC, Azerbaijan exports of non-oil sector per capita for the period totaled $ 151.3. This figure is $540 in Georgia, where the exports total $ 2 245 million.
The Government of Azerbaijan declares steps taken to diversify the economy and the prevalence of non-oil sector in GDP. Nevertheless, the hydrocarbons occupy 93% of the exports. --08B--
Economics
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Azerbaijan’s drive to attract investment into its industrial and agricultural zones is gaining momentum, with the government registering 31 new resident companies across economic zones in 2023. The Economic Zones Development Agency (EZDA) also granted non-resident status to one company, marking a new phase in the country’s efforts to stimulate economic growth in post-conflict areas and beyond.
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The State Oil Company of Azerbaijan (SOCAR) is stepping up its international expansion in upstream operations, marking a strategic shift in its global portfolio. The company’s recent acquisitions— a 10% stake in Israel’s Tamar gas field and a 3% share in the SARB and Umm Lulu offshore oil projects in Abu Dhabi—signal its growing ambitions beyond Azerbaijan’s borders.
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BP plans to drill 19 wells at the Azeri-Chirag-Guneshli (ACG) oilfield block in 2025, maintaining its drilling activity at the same level as in 2024, a senior company executive said on Tuesday.
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The International Association of Drilling Contractors (IADC) opened its annual "IADC Drilling Caspian" conference in Baku on Tuesday, bringing together industry leaders to discuss advancements in oil and gas drilling, as well as the growing role of geothermal energy.
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