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The terminal in Ceyhan suspended the receipt of oil from Azerbaijan until at least February 9
Baku/06.02.23/Turan: The terminal in Turkish Ceyhan, which accepts Azerbaijani crude oil for shipment to world markets, will be closed on February 6-8, inclusive, because the damage from the earthquake is estimated, the world media reports. In the morning, due to the earthquake, a small oil leak was observed at the terminal, but then the situation was restored.
However, on Monday evening, a decision was made until February 9, at least, not to accept oil coming from Azerbaijan through the pipeline. Thus, the operation of the Baku-Ceyhan oil pipeline has also been suspended.
At the end of the working day on February 6, oil production from the Azeri-Chirag-Guneshli block was going on as usual, without cuts, but some corrections in the plans are possible due to the prolongation of the difficult situation in Turkey—0—
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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