The completion of the three-passenger vessel in the Baku Shipyard is scheduled for April this year. The ships have been ordered by the Azerbaijan Caspian Shipping Company. According to the Ministry of Economy and Industry, in parallel, the company is building specialized ships "Khankendi" to implement the underground construction work. The customer is bp and the cost of the contract for this work is $ 378 million. In 2015 the Baku Shipyard built two floating rigs and three blocks.
The Baku Shipyard was established in May 2011 with the participation of SOCAR (65%), JSC "Azerbaijan Investment Company" (25%) and Singapore's Keppel Offshore & Marine (10%). The plant cost $ 470 million, of which $160 million is a joint stock capital.
Baku Shipyard is able to produce four ships with a displacement of up to 15,000 tons, two tankers with a displacement of up to 70,000 tons , and four auxiliary vessels per year, as well as to repair 80-100 vessels. 08D
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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