Azerbaijan has not developed statements in the extraction of natural resources.
According to the chairman of the Oil Research Center Ilham Shaban, according to the agreement with the Government of Azerbaijan in the framework of the contract, the shares in the mining industry and the obligations of the parties are not a trade secret. However, public and private companies conceal not only the mechanisms of management and financial resources, but also the volume of oil and gas, hydrocarbon exports and the amount of taxes to the state budget, which is unacceptable.
In 2013, the oil and gas production in Azerbaijan was done by the state oil company, the international consortium of ACG and 14 operators, including BP Exploration, busy developing Shah Deniz. Revenues from the sales of products Azeri - Chirag - Guneshli (including condensate from Shah Deniz, 81% of all oil production) are 95% of the oil revenues that form the local budget. The Azeri division of BP as the main operator has not created any site, although the operators of Tenghiz, Kashagan and Karachaganak on the other side of the Caspian Sea are accountable to the citizens of Kazakhstan. The site of the corporate headquarters reports on Azerbaijan on 11 pages, but it is difficult to find due to the mass of other information.
Problems with virtual access to public offices are also observed in other operators. Especially it looked through the records of the last year's activities, said the expert. Except BP-Azerbaijan and partly SOCAR, nobody publishes reports on exports, the average annual price of the financial statement and reports on sustainable development. - 17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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