SOCAR is not going to close its representation in Greece until closure of the deal to purchase share in the Greek gas operator DESFA, Greek media reported quoting their own sources.
Akram Zeynally, Azerbaijani Ambassador to Switzerland, said in his interview to the Russian newspaper Nasha Gazeta in Switzerland that SOCAR has closed its official representation in Geneva, because of slump of oil prices, but left the offices of SOCAR Trading and SOCAR Energy Switzerland. SOCAR Energy Switzerland manages the network of petrol stations in Switzerland.
While commenting this information SOCAR President Rovnag Abdullayev said that the decision to suspend operation of all foreign representations of SOCAR was made in December 2015.
“The functions of the representations have been passed to the office in Baku and the companies, which are fully owned by SOCAR. As any other company, we have taken steps in a response to slump of oil prices,” said Abdullayev.-0—
Economics
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In a significant development for the North-South international transport route, exploration work on the Rasht-Astara railway section, which will connect Azerbaijan and Iran, is scheduled to begin in June 2024. This announcement was made by Dmitry Zverev, the Deputy Minister of Transport of the Russian Federation, during the XV International Economic Forum "Russia – the Islamic World: KazanForum 2024," as reported by TASS.
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Azerbaijan’s once-burgeoning oil revenues are on the decline, posing a significant challenge for the nation’s economy. The State Oil Fund of Azerbaijan (SOFAZ) is projected to receive approximately $5 billion from oil sales this year, a sharp drop from previous years. In 2022, buoyed by high oil prices, revenues surged to about $10 billion. However, last year’s figures dipped to just over $6 billion, and further declines are anticipated due to decreasing production.
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Aliya Asimova, representative of the International Finance Corporation (IFC) in Azerbaijan, outlined the organization's renewed focus on combating climate change during her address at the business forum "Raising Ambitions and Stimulating Activities: Forum Sustainable Business COP29."
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Azerbaijan has unveiled ambitious plans to curb greenhouse gas emissions and propel its economy towards sustainable growth. Minister of Ecology and Natural Resources Mukhtar Babayev delivered this proclamation during the esteemed forum "Growing Ambitions and Incentives for Action: COP-29 Sustainable Business Forum."
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