80% of produced oil in Azerbaijan is exported

The State Oil Fund of Azerbaijan (SOFAZ) reported revenues of $364.465 million from the “Shah Deniz” gas field in the Caspian Sea's Azerbaijani sector from January to September this year, this is by $818.535 million or 3.2 times lower than the same period in 2023.

European Union (EU) countries increased their gas imports from Azerbaijan by 5.5% in the period from January to July 2024, totaling 297,765 terajoules (TJ) compared to the same period last year.

From January to September this year, over 1150 students interned at the State Oil Company of Azerbaijan (SOCAR), SOCAR President Rovshan Najaf announced during a panel discussion titled "Synergy Turning Knowledge into Value" at the Education Development Forum. He emphasized that collaboration between industry and academia can occur in several areas, stating that educational institutions are a source of human capital for industries.

Currently, 11 vessels are being constructed at the Baku Shipyard under contracts with the Azerbaijan Caspian Shipping Company (ASCO). The total contract value for these orders is $260.2 million.