Economy

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 …

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 …