7. Azerbaijan
Total score – 31
Azerbaijan’s oil rents amount to over 27% of the country’s GDP, the World Bank reports, referring to 2014. At the same time, the country’s fuel exports amounted to 93% of the total merchandise exports in 2013, so it’s pretty safe to say that the oil industry is particularly important for this nation.
The petroleum industry in Azerbaijan is quite active, producing over 870,000 barrels of oil per day, making it one of the most active in the world. This is one nation that has its history linked to oil, with its most recent chapter going back as far as 1871 when the first wood oil derrick was built.
SOCAR, the state-owned oil company is one of the most successful in the world, reporting a total revenue of nearly $40 billion in 2015. Sure, it’s well below other industry giants, but it’s doing just fine. SOCAR, coming from Azerbaijan is one of the largest oil companies in the world.
Copyright: Elnur / 123RF Stock Photo
