Economy

Head of Dagestan Republic of the Russian Federation Vladimir Vasilyev has expressed his hope that the launch of a new railway line between Dagestan and Azerbaijan will give impetus to the development of tourism in the region. “We hope that the new line will be very important and effective for …

At the end of 2018, the number of BP’s Azerbaijani national employees was 2,534, including fixed-term employees,” BP Azerbaijan told AZERTAC. “BP made a commitment in 2014 to achieve a nationalization target of 90 percent professional staff by the end of 2018. The company have achieved that goal by mid-year primarily …

“We are continuing to plan the first exploration well on the Shafag-Asiman block,” BP Azerbaijan told AZERTAC. “Following completion of the processing and interpretation of the 3D data acquired from the Shallow Water Absheron Peninsula (SWAP) contract area, a Notice of Prospectivity was signed with SOCAR in 2018, signifying BP’s commitment …

Ambassador of the Czech Republic to Azerbaijan Milan Ekert has said trade between the two countries saw a 12%-growth last year against 2017 to reach 1.1 billion euros. He said the Czech Republic was Azerbaijan`s fifth largest trade partner and ninth largest foreign investor. Imports from Azerbaijan to the Czech …

Azerbaijan and Saudi Arabia have explored the ways of expanding the bilateral energy cooperation as a Joint Technical Commission held its first meeting. Azerbaijani Deputy Minister of Energy Samir Valiyev hailed factors that give impetus to the development of relations in the field of energy, including intensive cooperation within OPEC+format …

A joint project being implemented by the National Confederation of Entrepreneurs (Employers’) Organizations of Azerbaijan (ASK) and the German government in the field of vocational education has been extended in Azerbaijan, Trend reports with reference to a source in the ASK. The project has been extended for another three years, …

The price of Azerbaijani oil has increased on the world markets. The price of a barrel of Azeri Light crude oil rose $0.81 to stand at $63.81.

A Russian delegation led by Minister of Economic Development Maxim Oreshkin will visit Azerbaijan on February 8. As part of the visit, the Azerbaijani and Russian delegations will review the reconstruction of Yarag-Gazmalar checkpoint, Samur checkpoint, as well as the construction of a bridge over Samur river. The sides will …

  January saw a growth in the import of Georgian wines. Azerbaijan imported 5,790 bottles of wine from Georgia in early 2019, the National Wine Agency of Georgia told Report. This is a two-fold increase compared to January 2018. Last month, Georgia exported 6.25 million bottles of wine to 24 countries, which is …

Azerbaijani banks’ capital adequacy is the highest among CIS systems, Trend reports referring to Moody’s report. “Azerbaijani banks have strongest capital adequacy as a result of government capital support for the International Bank of Azerbaijan (IBA),” Moody’s said. The Azerbaijani Financial Market Supervision Authority (FIMSA) has approved a schedule for …