SOCAR to continue implementation of projects and investing into Turkey, says Rovnag Abdullayev
State Oil Company of Azerbaijan (SOCAR) will continue implementation of projects and investing into Turkey, SOCAR President Rovnag Abdullayev said in his interview to Turkish Anadolu agency.
“We are determined to continue implementation of the projects with a total value of over $18 billion with the purpose to supply Europe with energy. 40,000 SOCAR’s employees work in Turkey directly or indirectly,” Abdullayev added.
He reminded that in the near future the biggest container port in the Aegean Sea will be opened in Turkey and Star oil refinery will be launched in 2018.
“Our activities in Petkim are a symbol of trust in Turkey and Turkish economy. Turkey is our home. We will continue investing into this country as we did before,” said SOCAR President.
Abdullayev said military coups are unacceptable in modern societies. They deliver a serious damage not only to the legal state and democracy, but also to the economic development of the countries. He has expressed deep concern about death of hundreds of people during the military coup attempt in Turkey and said: “We believe in the Turkish government, will of Turkish people, economy and safety.”—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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