The Council of Heads of CIS countries on the eve of the creation of a common energy market
Minsk approved further action on the establishment of a common energy market of the CIS. The Council of Foreign Ministers of the Commonwealth initialed the decision and the issue will be discussed today at a meeting of the Council of CIS Heads of State, according to Belarusian media with reference to the Board of the organization.
In general, the plan of action to implement the concept of further development of the CIS economic development strategy includes up to 2020, the extension of the Treaty on the free trade zone, improvement of food security, the formation and development of international transport corridors, development of railway transport, the expansion of production cooperative ties, scientific information, software programs and projects in the area of innovation.
A large cluster of the Ministerial Council meeting was devoted to humanitarian cooperation and security issues.
The next meeting of the Council of CIS Foreign Ministers will be held on April 3, 2015 in the city of Osh, Kyrgyzstan. --17D-
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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