Economy

In 2024, a noteworthy yet modest development in Azerbaijan’s economic landscape occurred with the entry of direct foreign investment from Mexico. For the first time, Mexico contributed $5.2 million to Azerbaijan’s economy, marking a milestone in the relationship between the two nations. Although this investment accounted for just 0.1% of …

In recent years, Azerbaijan has focused on harnessing its economic potential and promoting export-oriented agricultural production. These efforts have led to significant progress in the development of traditional agricultural sectors. The modernization of infrastructure, better utilization of labor resources, and the effective use of natural resources have allowed for increased …

This week, the average prices of Azeri LT CIF, Azeri Light FOB Ceyhan, and Dated Brent crude oil increased, while the average price of Urals (EX NOVO) crude oil saw a decline, Azernews reports. The average price of Azeri Light crude oil, based on CIF from Azerbaijan’s Azeri-Chirag-Gunashli field, rose by $0.1 …

A joint meeting of the Economic Council and the Supervisory Board of the Azerbaijan Investment Holding was chaired by Prime Minister Ali Asadov. The agenda covered discussions on the current situation, key indicators, and prospects in the country’s oil and gas sector. Topics included the long-term development plans of SOCAR …

In 2024, a total of 19 wells were drilled in the Azeri-Chirag-Guneshli (ACG) oil field, exceeding the initial plan of 18 wells. This was stated by Russell Morris, bp’s Vice President for Wells in Azerbaijan, Georgia, and Türkiye, during the IADC Drilling Caspian 2025 conference in Baku, Azernews reports. Morris noted that …

Azerbaijan has firmly positioned itself as a leading force in the green energy transition, actively driving renewable energy initiatives across the region. Serving as a vital bridge between Europe and Asia, Azerbaijan has cultivated strong strategic partnerships with Central Asian nations, particularly Kazakhstan and Uzbekistan, to create a comprehensive framework …

The Turkiye-Azerbaijan-Uzbekistan business forum discussed strengthening economic unity between the countries and increasing the effectiveness of business partnerships. Azernews reports that this was shared by Economy Minister Mikayil Jabbarov’s official X account. Turkish Foreign Minister Hakan Fidan addressed the issue during his speech at the 2nd trilateral meeting of the Azerbaijani-Turkish-Uzbek …

On the sidelines of the 2nd trilateral meeting of the Ministers of Foreign Affairs, Trade/Economy and Transport of Azerbaijjan, Turkiye and Uzbekistan, Azerbaijan’s Foreign Minister, Jeyhun Bayramov, met with Uzbekistan’s Foreign Minister, Bakhtiyor Saidov, in Ankara, Azernews reports, citing a post share by the Azerbaijani Ministry of Foreign Affairs on its X …

On January 27, President of the Republic of Azerbaijan Ilham Aliyev received Jonathan Missner, Co-Founder and Board Member of the Israel Economic Forum, Azernews reports. President Ilham Aliyev emphasized that, as has been the case throughout history, representatives of various religions and faiths, including the Jewish community, live today in an atmosphere …

A joint working group in the energy sector will be established between Iran and Azerbaijan. Azernews reports that Iran’s Oil Minister, Mohsen Paknejad, made this announcement during a meeting with Azerbaijan’s Deputy Prime Minister, Shahin Mustafayev, in Tehran on January 21. Paknejad stated that the joint working group would facilitate technical-level …