The Oil and Gas Sector of Azerbaijan Dominates in Terms of Salaries

Azerbaijan processed 5 million tons of crude oil in the first three quarters of 2024, a 2% increase compared to the same period last year, when 4.9 million tons were processed, according to data published by the Ministry of Finance. Of this total, around 1.3 million tons were imported oil, primarily from Russia, Turkmenistan, and Kazakhstan.

In a move to accelerate technological advancements in telecommunications, the Azerbaijani Investment Holding (AIH) and China’s FiberHome Telecommunication Technologies Co., Ltd. signed a Memorandum of Understanding (MoU) in Baku on October 15. The agreement is aimed at fostering closer collaboration in telecommunications technology, marking a significant step in Azerbaijan’s ambitions to expand its digital infrastructure and introduce cutting-edge business practices.

In the first eight months of 2024, Azerbaijan's legal entities and individuals engaged in trade operations with partners from 172 countries, according to data released by the State Statistics Committee. The country exported goods to 117 nations while importing from 161, highlighting the breadth of its trade relations. However, foreign trade turnover decreased by 14.93% compared to the same period in 2023, reflecting global economic challenges and shifts in demand.

Azerbaijan and Iran are actively discussing the construction of a strategic railway line that will connect the East Zangezur Economic Region with the Nakhchivan Autonomous Republic, according to Rovshan Rustamov, Chairman of Azerbaijan Railways CJSC. Rustamov disclosed the details of these talks during his recent visit to Iran, where he met with Jabbar Ali Zakeri Sardrodi, head of the Iranian Railway Administration.