Economy

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 …

Launching of flights between Russia’s Yaroslavl city and Azerbaijan’s Baku city is being discussed, Director of the Department of Regional Development and Foreign Economic Activity of Yaroslavl Region Galina Penyagina said. Penyagina made the remark at a meeting of the Russia-Azerbaijan and Azerbaijan-Russia Business Councils, Trend reports on April 28 referring to …

The 16th OPEC and non-OPEC Ministerial Meeting of the Declaration of Cooperation (DoC), has been held via teleconference on Tuesday under the Chairmanship of Saudi Arabia’s Minister of Energy HRH Prince Abdul Aziz bin Salman and Deputy Prime Minister of the Russian Federation, Co-Chair HE Alexander Novak. According to the …

Iran, United Arab Emirates (UAE) and Saudi Arabia were Azerbaijan’s key trade partners among the countries of the Persian Gulf region in January-March of this year, according to the country’s State Customs Committee. The bilateral trade with Iran made $101.2 million, while it amounted to $8.2 million with the UAE, …

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. …