As of November 1, 2013 the average labor pension in Azerbaijan (AZN 170 or $ 217) exceeded the minimum subsistence level by 1.7 times.
According to the State Social Protection Fund (SSPF), it has become possible due to the two-tier system of calculation - basic and insurance parts. The funded portion provided by the fund based on best international practice, is not in demand.
According to the fund, the average retirement pension is equal to 45% of the average salary despite the fact that labor pensioners account for 13.5 % of the population. - 17D-
Economics
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Azerbaijan’s drive to attract investment into its industrial and agricultural zones is gaining momentum, with the government registering 31 new resident companies across economic zones in 2023. The Economic Zones Development Agency (EZDA) also granted non-resident status to one company, marking a new phase in the country’s efforts to stimulate economic growth in post-conflict areas and beyond.
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The State Oil Company of Azerbaijan (SOCAR) is stepping up its international expansion in upstream operations, marking a strategic shift in its global portfolio. The company’s recent acquisitions— a 10% stake in Israel’s Tamar gas field and a 3% share in the SARB and Umm Lulu offshore oil projects in Abu Dhabi—signal its growing ambitions beyond Azerbaijan’s borders.
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BP plans to drill 19 wells at the Azeri-Chirag-Guneshli (ACG) oilfield block in 2025, maintaining its drilling activity at the same level as in 2024, a senior company executive said on Tuesday.
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The International Association of Drilling Contractors (IADC) opened its annual "IADC Drilling Caspian" conference in Baku on Tuesday, bringing together industry leaders to discuss advancements in oil and gas drilling, as well as the growing role of geothermal energy.
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