On 2 August the SOCAR president Rovnag Abdullayev was received by the Turkish President Erdogan within the frameworks of the international high-level forum of investors. During the meeting they discussed issues on implementation of joint economic projects, press service reported. Erdogan praised the activity of SOCAR in Turkey. During the meeting of Abdullayev with the Energy Minister Berat Albayrak were touched the joint projects. The parties noted that the recent military coup attempt has not had a negative impact of the implementation of projects in Turkey and all are continuing in accordance with the approved schedule. In particular, it concerns the TANAP and STAR projects, engineering work successfully continue without delay, Albayrak said. The sides also touched upon the situation around the petrochemical company Petkim (controlling interest belongs to SOCAR), whose leaders were arrested on charges of having links with supporters of Fatullah Gulen. According to Albayrak, the events around Petkim have nothing to do with of SOCAR, and were the result of an investigation attempts of the coup.-03D-
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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