Territory of Sumgait Chemical Industrial Park Extended
President Ilham Aliyev ordered on 25 January to extend the territory of Sumgait Chemical Industrial Park (SKHPP) to 17.75 hectares.
The document instructed the Cabinet of Ministers, the Ministry of Economy, the State Committee for Property Affairs, the State Oil Company, JSC Azerenergy and the Executive Power of Sumgait within three months to ensure the transfer of the land area of 170.75 hectares. This area is located at the 37th km of the Baku-Guba highway.
The decision was made in order to encourage private investment in priority areas of industrialization, and to increase of employment in the manufacturing sector.
SKHPP was established in December 2011. At its disposal it has 295.62 hectares of land, including 192 hectares of an industrial zone. The park has 9 Sumgait residents, of which today only one is engaged in productive activity - LLC Azertekhnoline. ---08D
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review