Global Gold Prices Reach Record Highs, SOFAZ Builds a Golden "Safety Cushion"

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.

SOCAR Türkiye Enerji AS (STEAS), a subsidiary of Azerbaijan's state oil company SOCAR, has announced plans to construct new facilities in Turkey for the production of ethylene, polypropylene, and polyethylene (polyolefins). This initiative comes as Turkey's demand for these products continues to grow, with the country currently importing nearly 90% of its polyolefins.

The presence of "hotspots" on the global map, geopolitical instability, and the uncertain future of the U.S. dollar—the key currency in trade operations—are factors driving increased investments in gold by private investors, companies, banks, and sovereign wealth funds.

Azerbaijan plans to reduce its greenhouse gas (GHG) emissions to 54.99 million tons of carbon equivalent by 2030, down from 61 million tons in 2024, the government has reported.