SOCAR reacts to falling energy prices by cutting oil export

SOCAR reacts to falling energy prices by cutting oil export State Oil Company of Azerbaijan (SOCAR) reduced export of petroleum products in November 2014 by 41.5% compared to the previous month. According to the SOCAR, overall export of Azeri oil products totaled 77,851 tons in November versus 133,067 tons in October, 183,931 tons in September, 280,705 tons in July (the best level for 2014) and 21,983 tons in April (the worst monthly index). This... Read More

Azerbaijan Economy in The First 7 Months of 2013; Brief Overview

Azerbaijan Economy in The First 7 Months of 2013; Brief Overview CESD- Center for Economic and Social Development concluded its macro-economic survey results for the first 7 months of the year on August, 16, 2013. According to CESD survey, GDP Growth was 3, 8 % in the first seven months of 2013 meanwhile, the center’s price calculation results reached 3,17 % inflation rate in the same period. State Statistics Committee of Azerbaijan, however, reported... Read More

Azerbaijan Economy in The First Half of 2013; Brief Overview

Azerbaijan Economy in The First Half of 2013; Brief Overview CESD- Center for Economic and Social Development concluded its macro-economic survey results for the first half of year on July, 22, 2013. According to State Statistics Committee of Azerbaijan, oil production is in stabilization phase in Azerbaijan, now since the committee reported only 0,7 % decline in oil GDP. CESD calculations, however, show that oil GDP declined by 2,1 % in the indicated... Read More

Azerbaijan Economy in The First Four Months in 2013; Brief Overview

Azerbaijan Economy in The First Four Months in 2013; Brief Overview CESD- Center for Economic and Social Development concluded its macro-economic survey results for the first four months of year on May, 17, 2013. Independent calculated data show that decline in oil production and oil export was continued in the first four months of 2013. Meanwhile, the government reports also proof that decline in oil export continue in the same period of 2013. State... Read More

SOFAZ allocates over $4 billion for various projects and programs

SOFAZ allocates over $4 billion for various projects and programs The State Oil Fund of Azerbaijan (SOFAZ) allocated about 3.34 billion manat for the implementation of various infrastructure projects and other needs as of July 1, the official website of the State Oil Fund said on Friday. A significant amount of funds directed at improving the welfare of refugees and internally displaced persons, as well as addressing their employment. The State... Read More

SOCAR’s Assets Reached $ 22 Billion

SOCAR’s Assets Reached $ 22 Billion Assets of the State Oil Company of Azerbaijan (SOCAR) amount to 17 billion manat ($ 22 billion), SOCAR Vice-President on economic issues Suleyman Gasimov said during a forum on creating a new complex for oil and gas processing and petrochemical production in Azerbaijan on Wednesday. He said last year the company’s net profit amounted to 879 million manat. Transition to international financial reporting standards... Read More

Azerbaijan’s proven energy reserves

Azerbaijan’s proven energy reserves Azerbaijan’s proven hydrocarbon reserves are estimated at 4.5 billion tons of equivalent fuel, head of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev said in Baku on Tuesday during a forum on the building of a new complex for oil and gas processing and petrochemical production in Azerbaijan. “Azerbaijan’s forecasted hydrocarbon reserves are estimated at 10 billion tons of... Read More

Is Total join to TANAP?

Is Total join to TANAP? French energy major company Total may join Azerbaijan-Turkish Trans-Anatolian pipeline project (TANAP), which will transport Azerbaijani gas from the eastern border of Turkey to the country’s western border, Bloomberg reported with the reference to Total E&P Azerbaijan general manager Christian Giudicelli. According to Giudicelli, Total was invited to take part in TANAP. “We are evaluating the Tanap proposal... Read More