Economy

Azerbaijan and Turkey have signed a memorandum of understanding on developing small and medium businesses (SMO) of the two countries, Azertag has reported. The memorandum was signed between Azerbaijan’s Small and Medium Business Development Agency and the Turkish Association of Business People and Entrepreneurs (TÜMKİAD) during the TÜMKİAD delegation’s visit …

Iran-Azerbaijan-Russia trilateral cooperation within the North-South corridor will be researched during the visit of Iranian Foreign Minister Mohammad Javad Zarif to Azerbaijan, The Iranian Embassy in Azerbaijan told Trend. According to the report, Iranian Foreign Minister Mohammad Javad Zarif will pay a visit to the Republic of Azerbaijan on January 24-25, …

Azerbaijan State Oil Company (SOCAR) and Russian Transneft have signed a deal to pump over 1 million tons of oil through the Baku-Novorossiysk pipeline in 2021, the Russian media has reported with the reference to Transneft Press Secretary Igor Demin. Some 85,000 tons of Azerbaijani oil is planned to be …

Establishing joint railway and industrial town of Iran and Azerbaijan was finalized at the 14th meeting of the joint economic commission, said Governor-General of Ardebil Province Akbar Behnamjou on Tuesday. The two projects will be operationalized in the near future, Behnamjou told IRNA in an exclusive interview. Behnamjou said that …

Azerbaijan increased the volume of production in the non-oil and gas sector by 12.5 percent during the period of January-December 2020, the State Statistics Committee has reported. In 2020, industrial enterprises and individual entrepreneurs, operating in this sector, produced industrial products worth AZN 37.1 billion ($), which is a decrease …

The bilateral trade betweeen Azerbaijan and Belarus exceeded 313 US dollars last year, which is 86 million US dollars more than in 2019, according to Belarus State Statistics Committee. Imports from Belarus to Azerbaijan made 148.2 million US dollars, while exports from Azerbaijan to Belarus totaled 165 million US dollars, …

Global natural gas output fell 3.6% in 2020 but still outstripped consumption as the pandemic hit demand and prices, consultancy Rystad Energy said on Monday, according to Reuters. Output fell to 3,918 billion cubic metres (bcm) with North American production hardest hit, Rystad Energy estimates showed, lower than a previous …

Azercosmos, operator of the Azerspace-1 & Azerspace-2 satellites and Belgian satellite service provider SatADSL have inked a partnership agreement. Under the new agreement, SatADSL, thanks to its Cloud-based Service Delivery Platform (C-SDP), will provide accessible and reliable internet access using the Central Asian beam of the Azerspace-1 satellite. SatADSL’s ready-to-use …

The volume of Azerbaijan’s gas exports increased by 16.9 percent to 13.8 billion cubic meters in 2020, Energy Minister Parviz Shahbazov said during the government session to sum up the results of 2020. Shahbazov linked the increase in gas exports to the Southern Gas Corridor project. It should be noted …

Embassy of the US in Baku expressed congratulations to Azerbaijan on the historic completion of the Southern Gas Corridor (SGC), Trend reports citing the embassy. The embassy noted that the SGC delivers Azerbaijani gas directly to Europe, while also boosting Azerbaijan’s economic growth. “The US has consistently championed Azerbaijan’s contributions …