Revenues from advertising activities approached AZN 100 million

The State Oil Company of Azerbaijan Republic's shipping division, Azerbaijan Caspian Shipping Company (ASCO), has integrated a new Aframax tanker into its fleet, as part of its ongoing fleet expansion strategy, the company announced on Monday.

The State Oil Company of Azerbaijan (SOCAR) is among the participants in an international tender for the purchase of shares in Lukoil Neftochim Burgas JSC. The main asset of the company is the sole large refinery in Burgas, Bulgaria, according to Turan.

In 2024, Azerbaijan witnessed significant growth among rapidly expanding enterprises, particularly in the booming non-oil sector. As the government prioritizes economic diversification, companies in industries such as mining, logistics, agriculture, and manufacturing have emerged as key drivers of economic progress.

Azerbaijan’s State Oil Fund (SOFAZ) reported a 10.7% decline in revenues from the Azeri-Chirag-Gunashli (ACG) oil field block in 2024, amounting to $740.7 million less than the previous year. Total earnings from ACG from the start of 2024 until January 1 stood at $6.16 billion, down from $6.89 billion over the same period in 2023, according to SOFAZ.