Economics
-
In 2023, Azerbaijan reported a net income of 14 billion 519 million manats ($8 billion 540.6 million) from the sale of hydrocarbons, according to the Accounting Chamber's report titled "Audit of the formation and use of funds of the State Oil Fund in the main directions." This report, stemming from the external state financial control event, offers a nuanced look at the financial health of Azerbaijan's hydrocarbon sector.
-
International rating agency Moody's has recently affirmed the foreign currency issuer and senior unsecured ratings of the Azerbaijani government at Ba1, while revising the outlook from stable to positive. Similar ratings were confirmed for the Southern Gas Corridor CJSC (SGC), highlighting strong economic fundamentals driven by significant financial reserves and diversifying gas exports.
-
Based on the Law ratified by the Milli Majlis and approved by President Ilham Aliyev on June 21, 2024, the authority to represent the state in the implementation of the Agreement on the exploration, development, and production sharing of gold, copper, and polymetallic prospective ore deposits has been transferred to “AzerGold” CJSC. This agreement covers deposits in Gadabay, Gosha, Kharkhar, Garadagh, the Ordubad group (Piyazbashi, Agyurd, Shekerdere, Kalaki), Gizilbulag, Damirli, and Vejnali, and was signed between the Ministry of Ecology and Natural Resources of Azerbaijan and the United States' “R.V. Investment Group Services, LLC”.
-
As of July 1, 2024, Azerbaijan's retail price of AI-92 gasoline increased by 10 qepiks to 1.10 manats per liter, and diesel fuel rose by 20 qepiks to 1 manat per liter. The Tariff Council has pledged to reduce the price of Premium gasoline from 2 manats to 1.6 manats per liter starting July 15. Despite environmental justifications, officials emphasize that "even after the tariff changes, retail prices for AI-92 gasoline and diesel fuel remain low compared to most countries." However, the specific countries used for comparison were not disclosed.
Leave a review