Azerbaijan Republic: Selected Issues

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 017

Publication date: January 2005

ISBN: 9781451802665

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Labor , Economics- Macroeconomics , Taxation - General , ISCR , CR , price , income , Azerbaijan , country , convergence , energy price , reference price , energy product price , income convergence , State budget , price fluctuation , private sector , per capita income , Energy prices , Price adjustments , Personal income , Oil prices , Import prices , Europe , Baltics

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Summary

This Selected Issues paper on Azerbaijan Republic reports that the government has made substantial progress in dealing with energy-related subsidies. The domestic market for oil products has been tightly regulated by the government since Azerbaijan gained independence. Azerbaijan is largely self-sufficient in oil products because of its substantial endowment of exhaustible mineral deposits and existing refining capacity. Although Azerbaijan is self-sufficient in oil products, it needs to import about 3 billion cubic meters (bcm) of natural gas annually to meet its domestic consumption demand of 7 bcm.