Economy

The European Commission is certain that a meaningful agreement on trade can play a significant role in increasing economic ties with Azerbaijan and in boosting the country’ efforts to diversify its economy and attract more foreign investment in non-energy sectors, an EU official told Trend. In addition, Azerbaijan’s ongoing efforts to …

Energy Efficiency Fund will be created in Azerbaijan in order to stimulate and promote measures for the rational use of electricity and energy efficiency, the law ‘On rational use of energy resources and energy efficiency’, approved by President Ilham Aliyev, Trend reports on August 20. According to the law, the fund will …

Italy was Azerbaijan’s largest trade partner during the period of January-July 2021, with the trade turnover between the two countries amounting to $4.6 billion, the State Customs Committee has reported. Of the total turnover, the export of Azerbaijani products to Italy amounted to $4.3 billion, while import from Italy was …

The U.S. Energy Information Administration has increased its forecast for Azerbaijan’s average daily oil production for 2022. In its report released in August, the agency increased its forecast for the country’s daily oil production for 2022 by 20,000 barrels to 780,000 barrels. It should be noted that according to the report published …

Some 124 companies with Azerbaijani capital were registered in Turkey from January through June 2021, which is by 73 companies less compared to the same period of 2020, the Turkish Union of Chambers and Commodity Exchanges (TOBB) told Trend. The total capital of Azerbaijani companies registered in Turkey from January through …

Azerbaijan’s Foreign Ministry has expressed support for neighbouring Georgia’s independence, sovereignty and territorial integrity. “Azerbaijan supports independence, sovereignty and territorial integrity of Georgia within its internationally recognized borders,” the ministry stated on its official Twitter account on August 8. The statement added that  Azerbaijan and Georgia enjoy strategic partnership based on the respect …

The Azerbaijan Industrial Corporation and the Canadian organization signed a special contract, the corporation told Trend on Aug. 2. The contract was signed with the Canadian Corporate Finance Institute (CFI) to organize the international training and certification exams. The training and certification programs developed by one of the most cited sources in …

The South Caucasus Pipeline Company (SCPC) announces that on 1 August 2021 the process of transition of the technical operatorship of the South Caucasus Pipeline Company (SCPC) from BP Exploration (Shah Deniz) Limited to SOCAR Midstream Operations Limited was finalized. SOCAR Midstream Operations Limited is a fully owned subsidiary of …

Azerbaijan has opened Trade and Tourism Representative Offices in Tel Aviv, Israel. The event was attended by co-chairs of the Joint Commission between the Government of the Republic of Azerbaijan and the Government of the State of Israel – Minister of Economy of Azerbaijan Mikayil Jabbarov and Minister of Tourism …

Azerbaijan increased electricity exports to neighbouring Georgia by 21.4 percent, bringing the volume of exports to 505 million kWh in January-June 2021, Azertag has reported. During the reporting period, Georgia imported a total of 1.7 billion kWh of electricity. Thus, Azerbaijan accounted for 29.6 percent of Georgia’s total electricity imports. It …