The attack on the Turkish section of the South Caucasus gas pipeline on the night of August 25 had no effect on the extraction of gas from the field "Shah Deniz" in the Caspian Sea. According to BP, after the completion of maintenance work on August 23, production has been restored and is gradually increasing. For a complete filling of the pipeline to the Turkish border (100 km to the Beach + 680 km) requires three to four days. However, if by that time the company BOTAS will not be able to restore the pipeline, then BP has the possibility not to stop gas production.
According to source in SOCAR, the State Oil Company in this case be able to take additional volumes of gas from the "Shah Deniz" field, and pumped into underground storage. "We have the technical capabilities for this," said the source.
On the night on August 25 near the Sarıkamış Kars province of Turkey (Eastern Anatolia) PKK rebels (PKK) blew up the gas pipeline Baku-Tbilisi-Erzurum. The gas supply was suspended.
Turan recalls that three weeks ago in the same place on the pipeline Baku-Tbilisi-Erzurum gas pipeline has already been attacked. It was a good chance that on August 2 the production platform in the field "Shah Deniz" was suspended due to maintenance works, and 7-8 hours before an explosion gas supply from the territory of Turkey was completely stopped. -12B-
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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