Brent Oil Price Drops Below $74 per Barrel for the First Time Since October 3

President Ilham Aliyev has approved the extension of the VAT exemption on the import and sale of electric vehicle charging stations for another two years. The state has approved a law making the relevant changes to the Tax Code. According to the amendments, the VAT exemption period for the import and sale of charging stations has been extended from three years (set to expire on January 1, 2025) to five years, until January 1, 2027. Previously, the Milli Majlis of Azerbaijan approved the corresponding amendments to the Tax Code.

In Azerbaijan, 37.12 bcm of natural gas were produced from January to September 2024. According to the State Statistics Committee of Azerbaijan, 28.26 bcm of this volume was marketable gas. Compared to January-September of last year, gas production increased by 3.4%, while marketable gas rose by 5.2%.

In the first three quarters of the current year, Azerbaijan refined 5 million tons of crude oil, the Ministry of Energy of Azerbaijan reported. According to the Ministry, 4.9 million tons were refined at the Baku Oil Refinery named after H. Aliyev in January-September of last year, indicating a 2% increase in crude oil processing during the reporting period.

Starting December 2 of this year, Elkhan Mammadov will take on the position of Senior Vice President of BP Group for production, BP-Azerbaijan announced.