The press service of SOCAR issued information about the meeting held on December 31 on the results of 2015 year. The president of SOCAR Rovnag Abdullayev said that the year was hard for all oil and gas companies in the world. Against the backdrop of the current economic situation in the world of the productive results of Azerbaijan in 2015 were satisfactory. Rovnag Abdullayev called important the construction of Trans-Anatolian gas pipeline (TANAP), oil refinery "Star", and the port "Petlim".
"Projects implemented in Azerbaijan successfully continue, however, to optimize costs the company's transition to the saving regime must be accelerated," said the head of SOCAR.
Rovnag Abdullayev said that the saving regime does not apply to the safety of people during the ongoing operations as this is a priority. Abdullayev said that in 2016 the priority is to ensure the stability of SOCAR.
There was an exchanged views on revision the policy of logistics of offices and agencies of SOCAR, cost optimization and governance, strengthening the saving regime. SOCAR President gave specific instructions to strengthen the stability of the company.
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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