Economy

SOCAR successfully completed its engagement in the management of Antipinskii Refinery and the oil fields, owned by the subsidiary of the refinery – NKNP LLC. Therewith, SOCAR withdraws as equity shareholder from SOCAR Energoresurs, the joint venture established by SOCAR and Sberbank PJSC. SOCAR decided not to participate as a …

The second container block train from Qingdao in the direction of China-Azerbaijan has arrived at Port of Baku. The transportation was carried out within the framework of cooperation between China Railway (CRCT) and members of the Trans-Caspian International Transport Consortium: KTZ Express, ADY Container LLC and GR Logistics and Terminals. …

Chairman of the State Statistical Committee of Azerbaijan Tahir Budagov has met Uzbek Ambassador to the country Bahrom Ashrafkhanov. They hailed the role of the two countries` presidents in developing relations between Azerbaijan and Uzbekistan. The sides stressed the importance of cooperation in all areas, including in the field of …

Azercosmos launches a new service – Azconnexus satellite internet service to provide high quality and secure satellite internet connection for businesses in Azerbaijan. Azconnexus delivers uninterrupted, secure, and high-quality broadband services via Azercosmos’ telecommunication satellite Azerspace-1. This multi-service platform supports different traffic types including but not limited to video, audio, …

The volume of investments in Azerbaijan’s oil and gas sector decreased by 6.2 percent in January-March 2021, the State Statistics Committee has reported. Investments in the non-oil and gas sector also declined by 32.2 percent in the reported period. Some AZN 2.3 billion ($1.3bn) was directed to fixed capital in the …

Azerbaijan’s State Oil Company (SOCAR) and Belarus’s State Concern for Oil and Chemistry have signed a memorandum of understanding. The memorandum envisages the expansion of possibilities in the oil and oil products production and sales sectors. The document was signed by SOCAR’s president Rovnag Abdullayev and Belneftekhim’s chairman Andrey Rybakov. …

Chairman of the State Statistical Committee of Azerbaijan Tahir Budagov has met with Representative of the United Nations Children’s Fund (UNICEF) in the country Edward Carwardine. During the meeting, the sides discussed the priorities of the country program document of UNICEF for Azerbaijan over the period 2021-2025 and the development …

Azerbaijan and Belarus have discussed prospects for cooperation in the field of urban planning and architecture, as chairman the State Committee on Urban Planning and Architecture Anar Guliyev met with Belarus Minister of Architecture and Construction Ruslan Parkhamovich. Guliyev hailed cooperation between the two countries in all areas, including the …

The Ministry of Energy of Azerbaijan and the International Finance Corporation (IFC), a member of the World Bank Group, have inked a Memorandum of Understanding on cooperation in the use of offshore wind energy resources in order to develop the renewable energy sector in Azerbaijan. The memorandum was signed in …

Azerbaijani Minister of Transport, Communications and High Technologies Rashad Nabiyev has met with Ukraine’s Minister of Infrastructure Vladyslav Krykly to discuss cooperation between the two countries in the field of cargo transportation. They stressed the importance of strengthening joint efforts to expand cooperation in the field of transport and cargo …