Ties between SOCAR and KEPKO
Oilers of Azerbaijan and Iran have agreed to cooperate According to the official website of the State Oil Company (SOCAR), the state and prospects of cooperation between the two countries in the oil and gas sector, the opportunities of the parties in the fields of oil and gas production, transportation and export, as well as a number of issues related to the seasonal transport of gas between the two countries, were discussed during the visit to Iran of the delegation headed by the First Vice-president of SOCAR Khoshbakht Yusifzadeh.
During his visit from 18 to 20 August at the invitation of the Iranian company for the exploration and production in the Caspian Sea (KEPKO), the SOCAR delegation held meetings at the Ministry of Petroleum of Iran and at the oil and gas companies in the country. The parties stressed the need to expand the Azerbaijani-Iranian cooperation in the Caspian Sea and in the international oil and gas projects.
The SOCAR delegation also visited the Research Institute of Petroleum Industry in Tehran, where they got acquainted with the research of Iranian scientists in the oil and gas industry and nana technologies. -17D-
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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