Two Foreign Service Companies Closed
Two foreign companies providing services in the oil and gas sector announced closing of their branches in Azerbaijan. This is reported by the Ministry of Taxes, i.e. a state body for the registration of commercial entities.
The Norwegian service company Acona Holding Vellpro AS has been operating in Azerbaijan since 2010, when it opened its branch. Then the company was named Acona Vellpro AS.
A branch of the Scottish TTE-Petrofac Limited Company, which opened the Caspian Technical Training Center in Baku, has also closed. The branch operated since 2004. In 2007, LLC TTE Petrofac Limited was established in Baku, and it also ceases to operate. The reasons for this step are not reported. -----9B
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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