Tag Archives: economy

In 2023, the “Azerigas” Production Union of the State Oil Company of Azerbaijan (SOCAR) constructed gas pipelines in 24 settlements across territories liberated from occupation, Azernews reports, citing the company. As part of the “State Program on the Great Return to the Territories Freed from Occupation of the Republic of Azerbaijan,” gas …

In line with President Ilham Aliyev’s strategy to expand “green energy” sources and increase the share of renewable energy in the energy system to 30 percent by 2030, “AzerEnergy” has begun implementing a comprehensive action plan, Azernews reports, citing “AzerEnergy.” By 2028, the plan aims to increase the capacity of solar and …

The forecasted cash generation of the State Oil Company of Azerbaijan (SOCAR) of around 2 billion manats ($1.176 billion) over 2024-25 should be sufficient to cover estimated debt maturities of 9.3 billion manats ($5.47 billion) over this period, according to the rating action of the Moody’s international rating agency, according …

bp has started to use cutting-edge drone technology to carry out tank inspections on its assets in the Caspian Sea, Azernews reports. For the first time, the company has utilised the Elios 3 drone to conduct an empty tank inspection on the Shah Deniz Alpha platform. This is a groundbreaking move towards …

President Ilham Aliyev’s visit to Egypt strengthened the foundations for mutual relations and cooperation between Baku and Cairo, which aims at covering almost all business spheres. It is necessary to remind that the meeting of the Joint Intergovernmental Commission on economic, technical, and scientific cooperation between Azerbaijan and Egypt took …

Azerbaijani Energy Minister Parviz Shahbazov received the delegation of the Asian Development Bank, led by Yevgeny Zhukov, Director General of the Central and Western Asia Regional Department of the Bank, Azernews reports, citing the Ministry. According to information, at the meeting, satisfaction was expressed with the development of long-term mutually beneficial cooperation …

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has earned $78.5 million from the Shah Deniz field (gas and condensate) since the beginning of the current year until April 1, Azernews reports. According to information released by the State Oil Fund of the Republic of Azerbaijan, revenues from the Shah …

The Intellectual Property Agency earned 1,902,473 manats ($ 1119101.76) in revenue last year, Azernews reports, citing the agency’s report for the year 2023. It was noted that during the reporting year, the state budget received 224 thousand manats ($131764.70) in state fees due to the agency’s provision of services stipulated in the …

 The world’s largest robot competition, International Robotex, will be held in Azerbaijan for the first time, organised by the Global Olympic Centre and supported by the European Union, Azernews reports. Everyone, from preschoolers to students studying in higher schools, will be able to demonstrate their knowledge and skills in this competition. …

The regular board meeting was held under the chairmanship of Azerbaijan Energy Minister Parviz Shahbazov, with the participation of board members, representatives of structural units of the ministry, and subordinate institutions, Azernews reports. The Ministry informed that the chairman made a speech and said that important measures for the future development of …