Economy

The Supervisory Board of the State Oil Company of Azerbaijan (SOCAR) held its regular meeting, Trend reports referring to a source in the company. According to the source, the meeting participants exchanged views on the implementation of the company’s financial plan for 2021. Chairman of the Board, Minister of Economy Mikayil Jabbarov …

Russia’s agriculture watchdog Rosselkhoznadzor has lifted the ban on tomato imports from five more Azerbaijani enterprises from May 25, Azerbaijan Food Safety Agency has reported. So far, relevant Russian authority lifted the ban on import for 131 tomato producer companies operating in Azerbaijan. Currently, the export potential of enterprises that are allowed to …

Azerbaijan increased the volume of production in the non-oil and gas sector by 16.5 percent in January-April 2021, the State Statistics Committee has reported. During the reported period, industrial products worth AZN 14.9 billion ($8.7bn) were produced, which is by 3.8 percent less compared to the same months of last year. …

Azerbaijan and the Czech Republic have discussed cooperation in the field of nanotechnology. During an online meeting with the Czech Nanotechnology Association on May 7, acting head of Azerbaijan’s Export and Investment Promotion Foundation (AZPROMO) Yusif Abdullayev expressed interest in establishing cooperation with the Association. Association’s head Jiri Kus briefed …

Azerbaijan and Georgia have signed a protocol on bilateral cooperation in the railway sector as Chairman of Azerbaijan Railways CJSC Javid Gurbanov met with a delegation led by Chief Executive Officer of Georgian Railways JSC David Peradze in Baku. Addressing the meeting, Javid Gurbanov highlighted prospects of cooperation existing between …

Azerbaijan`s Ministry of Energy and the Japanese company TEPSCO have signed an agreement in order to fulfill the tasks set by President of the Republic of Azerbaijan Ilham Aliyev in connection with the establishment of the “green energy” zone in the liberated territories at the meeting dedicated to the socioeconomic …

OPEC kept crude production steady in April, ahead of a planned revival of supplies scheduled to begin this month, according to Bloomberg. The Organization of Petroleum Exporting Countries pumped an average of 25.27 million barrels a day last month, about 50,000 a day less than in March, according to a …

Fitch Ratings has upgraded Open Joint-Stock Company International Bank of Azerbaijan’s (IBA) LongTerm Issuer Default Rating (IDR) to ‘B’ from ‘B-‘ and Viability Rating (VR) to ‘b’ from ‘b-‘, Trend reports on April 30 referring to Fitch Ratings. “The Outlook is Positive,” the message said. “The upgrades reflect a moderation …

Azerbaijan will open a tourism promotion and a trade office, with diplomatic status, in Israel, the country’s Minister of Economy Mikayil Jabbarov announced Wednesday during the Joint Israel-Azerbaijan Conference, according to TPS. The Israel-Azerbaijan Joint Committee met after the first meeting took place in 2018. The meeting was held online …

Azerbaijan is participating at the International Investment and Trade Exhibition of the Shanghai Cooperation Organization (SCO) held in Qingdao, China, the Economy Ministry’s press service has reported. The Azerbaijani stand showcased locally-produced food and beverages as well as the country’s investment, transport, transit, and tourism potential. At a panel presentation during the …