From January to November 2015 State Oil Company of Azerbaijan (SOCAR) has extracted 7.58 million tons of oil on the onshore and offshore fields against 7.7 million tons extracted during the same period in 2014, reads information posted on SOCAR’s web site.
SOCAR extracts oil from Azerbaijani onshore and offshore fields at the expense of its own funds. Part of this oil is refined at the Baku’s oil refineries and another part is exported via the Baku-Novorossiysk pipeline. In 2014 SOCAR has extracted 8.32 million tons of oil against 8.31 million tons in 2013.—0—
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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