TENGHIZ OIL DECREASES AZERBAIJAN"S LIQUID CARGO TRANSPORTATION
The total sea cargo transportation was 6,371,600 tons (-14.6% against January-July 2009).
The liquid cargo transportation decreased because Chevron stopped transporting Tengiz oil from Kazakhstan via Aktau-Sangachal (across the Caspian Sea) and then the BTC pipeline in January 2010. But the index will most probably increase in late 2010 because Turkmenistan began to supply its oil through Turkmenbashi-Sangachal (across the sea) and BTC in H2 of July 2010. The supplies will presumably amount to 150,000 tons per month. The Tengiz oil supplies through BTC exceeded 165,000 tons per month in 2009. --14D--
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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