SOCAR Managers Obliged to Report on Their Grandparents’ Assets
A decree amending the Charter of the State Oil Company of the Azerbaijan Republic was signed by President Ilham Aliyev on 26 February. According to the changes, the Council, which operated under the SOCAR President, is transformed from a deliberative entity into a collegial management body. The Council under the President of SOCAR will include Vice Presidents, as well as other officials. At the same time, the Council meetings will be held under the chairmanship of the President of the state company. In addition, according to the changes in the Charter, members of the SOCAR Council and heads of departments should provide written information to the collegial body of the transactions concluded with entities, in which they participate directly or indirectly. Also subject to reporting is information on transactions concluded by close relatives of these persons. The circle of relatives includes the husband (wife), the parents, the parents of the husband (wife), the grandparents, the children (adopted children), and the siblings. -06D-
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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