Within four months of this year, Azerbaijan produced 49.3 tons of iodine, which is 42.5 % less than in the same period of 2013. The trend decline in production was due to the dynamics of world prices for small-crystal iodine (with a minimum of 90% and 99.5% of the base material), where the major players are Chile and Japan.
Producer of iodine in Azerbaijan is LLC Azer-Yod (a subsidiary of ISR Holding). The company operates on the basis of the restructured company in former Neftchala Yod-Brom, which was privatized in 2005 by the investment competition. It is considered the largest reserves of iodine in Europe. In 2013, the company produced 293 tons of iodine, increasing production capacity by 3.6 % (the data from State Statistics).
In 2015, full repayment of the loan borrowed by LLC Azer-Yod from the European Bank for Reconstruction and Development (EBRD) in December 2008 is expected. The loan of $ 15 million was allocated for a period of 5 years and later it was extended for another two years.
The total cost of the project of modernization of the plant was more than $ 20 million, LLC Azer-Yod representative Farhad Sattarov told Turan. EBRD loans were used to modernize and increase the capacity of the plant to 500 tons per year. Now the capacity of the plant is less than 350 metric tons per year. The main importers of these products are China and India. The global production of iodine was estimated at about 28,000 tons (in 2007). - 08B-
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- Economics
- 23 May 2014 12:20
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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