The meeting of the EU-Azerbaijan Subcommittee
The 10th meeting of the EU-Azerbaijan Subcommittee on Energy, Transport and Environment was held in the Ministry of Transport. The EU delegation is headed by the head of the program department of the Eastern Partnership Dirk Schuebel. The meeting noted the important role of Azerbaijan in the development of transport links between Europe and Asia.Deputy Transport Minister Musa Panahov said Azerbaijan's interest in the development of political and economic relations of the EU. During the meeting the sides discussed issues of EU technical assistance to the transport sector of Azerbaijan, the promotion of the EU to the implementation of the Azerbaijan section of the East-West and others. -03D06-
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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