The handmade oil and oil products refining installation has been found by the employees of the Foreign Ministry on the territory of the Mozdok experimental mechanical plant. Judging by the volume of heating fuel available in the tanks, about 40 tons of low quality straw oil was produced here a day, reported Regnum news agency.
A source from the Foreign Ministry said that gas installation connected with the other equipment with rubber hoses was used for illegal oil refining. The installation is owned by the resident of Argun city, Chechen Republic, and gas was stolen by cutting into the gas pipeline. In 2011 46-year-old rent a premises on this territory for illegal business. He was punished later.
According to the preliminary information, criminal case will be instituted against the owner of the mini-plant. The second case will be instituted for illegal business.—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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