For the month of operation of the national satellite of Azerbaijan Azerspace-1 Ministry of Communications has received $ 5 million in profits.
According to the Minister of Communications and Information Technologies of Azerbaijan Ali Abbasov, in agreement with the Exim Bank (USA), the funds paid to credit for the manufacture and launch of the telecommunications satellite.
The Minister stressed that in the foreseeable future, the ICT sector will be developed in three directions. The first is the development of infrastructure through, mainly, the expansion of broadband Internet (ADSL) in the framework of the project "Optics in every home." The second is the development of the real sector in ICT by creating DATA centers, application of nano-and high-tech. The third area is the impact of the ICT sector to all other sectors of the local economy.
As previously reported, the satellite "Azerspace-1" launched on the night of February 9, 2013 (local time) from Kourou French Guiana. Its construction was entrusted to an American company "Orbital Sciences Corporation". In addition, signed a long-term lease agreement with the Malaysian company "MEASAT" on the use of the orbital position of the satellite communications.
Ministry of Communications reported that the cost will be paid back for about 7 years, following 15 years of operation, the satellite will be profitable.
Total government spent $ 233 million, of which $ 121.7 million went into making the satellite (including the production of the satellite, construction of ground-based equipment, training and other organizational issues), $ 93.8 million - to start, $ 17.5 million - to launch insurance, annual maintenance and other insurance costs.
The government expects $ 420 million of the aggregate net profits from the operation of "Azerspace-1". - 17D-
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review