The Azerbaijani Cabinet of Ministers established a procedure for the use of frozen assets to pay for urgent and unforeseen expenditure of businesses and individuals.
According to Decision №310 of August 19, the effect of the document applies to assets frozen as part of the financing of terrorism on the basis of local legislation, international agreements and UN Security Council resolutions.
The Cabinet has also identified the beneficiary - the right to authorize the use of assets referred to belongs to the State Security Service of AR, which gives a permission verdict on the basis of application considered within 7 days.
Frozen assets are exclusively used to pay for utilities, financial services, food and medicines, medical services, mortgage, rent, taxes, fees, and insurance premiums. --17D-
Economics
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BP, the operator of the Shah Deniz gas condensate field, announced on Sunday that production from the Shah Deniz Alpha platform resumed on the evening of January 18. This followed the complete resolution of a technical issue with the subsea condensate export pipeline between the Shah Deniz Alpha platform and the Sangachal terminal.
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SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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