SOCAR gets new order for oil refinery construction
Number of the countries requesting the Azerbaijani officials to consider possibility of investment into construction of oil refinery on their territory grows. This happened SOCAR laid foundation of a big oil refinery in the Turkish city of Izmir with the annual capacity of refining of 10 million tons in October 2011.
In January 2012 Kyrgyzstan President has made the same request to Azerbaijani President and this project is on the agenda now. Later now Tajikistan made the similar request to Azerbaijani. Ukraine has repeatedly proposed Azerbaijan to build oil refinery on its territory.
This time the former OPEC member-state Indonesia has proposed Azerbaijani to be involved in construction of oil refinery on its territory, Tamerlan Garayev, Azerbaijani Ambassador to Indonesia and Singapore, told journalists last week.
He said Azerbaijan is the second biggest partner of Indonesia on crude oil deliveries after Saudi Arabia.
Garayev added that in 2011 Azerbaijan delivered to Indonesia crude oil worth $1.7 billion. "This year this figure will most likely grow up to $2 billion," he said.
In November 2012 Azerbaijani President will pay an official visit to Indonesia and Singapore.
* SOCAR Trading company is in charge of Azerbaijani oil deliveries from Ceyhan port to Indonesia. It manages its trade operations in South-East Asia from its representation in Singapore.-0-
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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