SOCAR Expands Operations in the Republic of Congo

Azerbaijan’s Ministry of Economy has projected steady economic growth of 3-4% annually through 2026 under the “Socio-Economic Development Strategy for 2022-2026,” a cornerstone of Baku’s renewed push to diversify and modernize the economy. Central to this blueprint is a notable expansion in the non-oil and gas sectors, anticipated to grow at an average rate of 5% each year.

Baku, Azerbaijan – In a high-level conference underscoring Azerbaijan’s commitment to sustainable development, officials unveiled a new digital platform and national standards on Environmental, Social, and Corporate Governance (ESG). Organized by the Commission on Business Environment and International Ratings alongside the Small and Medium Business Development Agency (KOBİA) and supported by the International Bank of Azerbaijan (IBA) and Azercell Telecom, the event gathered key figures from government, business, and international organizations.

The 11th Summit of the Organization of Turkic States (OTS) convened on November 6, marking a pivotal moment for deepening collaboration among Turkic nations under the theme "Empowering the Turkic World: Economic Integration, Sustainable Development, Digital Future, and Security for All." Leaders from member states—Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey, and Uzbekistan—gathered alongside observer states Hungary and Turkmenistan, underscoring the organization’s expanding influence on the global stage.

The Economic Coordination Committee of Pakistan’s Cabinet has approved a contract between Pakistan State Oil (PSO) and the State Oil Company of the Azerbaijan Republic (SOCAR) for the supply of petroleum products to Pakistan from third countries, primarily lubricants and fuel, to be handled by SOCAR Trading, according to an informed source at Turan.