Standard & Poor’s Once Again Ties Solution of Azerenergy Problems to Government
International experts do not see a reason to raise electricity tariffs in Azerbaijan.
According to analysts from Standard & Poor's, this could cause growth of social problems. The experts recommend replacing the tariff increase by new debt repayment and tax write-offs of Azerenergy, financial investments in its activities, and other measures, inherent in this type of economic system.
The updated rating of the state monopoly in electricity generation again ties its situation to the government in view of its role in this company. According to the experts, without state support this company, as well as its other counterparts, may face difficulties in servicing its debts due to erratic capitalization. --17D-
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- Economics
- 30 April 2016 12:55
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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