Azerbaijan: Important events in the fuel and energy sector in 2023

The issue of registering more than half a million undocumented homes in Azerbaijan remains a subject of ongoing discussion. At the same time, thousands of public catering facilities (restaurants, cafés, snack bars, wedding halls, etc.), industrial enterprises, and agricultural facilities across the country occupy areas many times larger than those specified in their technical designs recorded in registration documents.

Azerbaijan, which began actively extracting gas from the Caspian at the beginning of the 21st century, reached a peak production level in 2024, but may face a decline in production by the end of the decade due to decreasing investments in the sector and gradual depletion of the fields.

Global gold futures exceeded $2,800 per troy ounce on January 29, setting a historic record in international trading, according to financial portal Investing.com. Notably, this price per ounce is twice the average level of 2023, reflecting growing global demand for gold as a hedge against inflation.

On January 10, during a meeting with journalists specializing in the transport sector, Rahman Gummetov, Deputy Minister of Digital Development and Transport, discussed the ministry's success in transitioning to "green transport," aiming to electrify all Baku buses by 2030. He also highlighted a record number of passengers using railway transport. Gummetov stated that in 2024, Azerbaijani Railways (AR) served approximately 8.5 million passengers, compared to over 7 million in 2023. With the Baku-Balakan railway route that began operation on January 3, 2025, passenger numbers are expected to increase significantly nationwide.