Sudan is willing to use Azerbaijan’s experience in the oil and gas industry and develop cooperation with State Oil Company of Azerbaijan (SOCAR), Ministers of Sudan said at the meeting with SOCAR President Rovnag Abdullayev at the end of last week in Baku. Sudan’s Ministers have arrived in Baku to take part at the Third International Humanitarian Forum.
Sudan’s Minister of Science, Technology and Telecommunication Rza Bushra Mohammad said that as a Muslim country Sudan is proud of Azerbaijan’s rapid development. He said opening of the embassy of Sudan in Baku will give an impetus to development of trade and economic relationships.
Abdullayev mentioned Azerbaijan’s achievements in the oil and gas production and the latest important events in this area in the past 20 years.
He said that during the period of independence SOCAR has proved to be a reliable partner and it is ready to share its experience in various fields of oil industry with its brotherly country.—0-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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