Economy

On April 9, 2020, 23 member countries of OPEC+ discussed the economic recession caused by COVID-19 pandemic and agreed to cut oil production by 9,7 million barrels per day from May 1, 2020, in order to balance supply and demand on the global market. The Republic of Azerbaijan, as a …

Azerbaijan exported 859 million cubic meters of natural gas to Turkey in February 2020, becoming the country`s third largest gas supplier after Russia and the US. According to the Turkish Energy Market Regulatory Authority (EMRA) report, Turkey imported 1.804 billion cubic meters of natural gas from Azerbaijan in January-February of …

EY Azerbaijan has honored the most innovative and perseverant entrepreneurs in the country as it announced the winner of the ‘EY Entrepreneur of The Year™’ Award. It is the first time ever this prestigious contest amongst entrepreneurs has been held in Azerbaijan. This competition, which has been held in partnership …

Turkey, Tunis and Iran were the largest trade partners of Azerbaijan among the OIC member countries in January-March this year, according to State Customs Committee. The volume of export with Turkey made $740,4 million, while it amounted to $120,2 million with Tunis and $88,5 million with Iran, according to official …

Azerbaijan’s PASHA Holding has donated 5 million manat ($2.9 million) to Agrarian Credit and Development Agency (AKIA) to provide preferential microloans to farmers, Trend reports. Thus, the holding showed solidarity with the steps taken by the president of Azerbaijan to support the local agricultural producers both during the coronavirus pandemic and in …

The volume of production of raw materials in the metallurgical industry of Azerbaijan amounted to 109.8 million manat ($64.5 million) from January through March 2020, which is 2.1 times more compared to the same period of 2019, Trend reports citing the report of the State Statistical Committee. The production of finished metal …

SOCAR conducts the digital transformation of its oil and gas production. SAP UFAM (a joint solution of SAP and OIS) will combine production processes in one system and will be integrated into the digital core of the enterprise – SAP ERP. The start of industrial operation of UFAM is scheduled …

Mexico is Azerbaijan’s key trade partner among Latin American countries, according to data of State Customs Committee of Azerbaijan, Mexican Embassy in the country told AZERTAC. The embassy said the first two months of 2020 were especially fruitful for bilateral trade between Mexico and Azerbaijan. “The bilateral trade between the two …

Azerbaijan was the main electricity provider to the neighboring Georgia in the period of January-March 2020. Thus, Azerbaijan supplied 402.8 million kWh to Georgia of the total 744.2 million kWh exported to the country in the first quarter of 2020, Electricity System Commercial Operator (ESCO) of Georgia has reported. Azerbaijan’s …

Top managers of the Caspian European Club have held an online general meeting dedicated to the results of the activity carried out in the first quarter of 2020, chairman and CEO of the Caspian European Club Telman Aliyev told AZERTAC. “All the participants of the first general online meeting of the …