Economy

Azerbaijan`s Ministry of Economy has dispatched its first export mission of this year to Beijing, China. Aimed at promoting “Made in Azerbaijan” brand, the mission consists of 16 companies producing food, wine and other alcoholic drinks. Azerbaijani entrepreneurs will hold negotiations with Chinese counterparts and meet with potential buyers.

CEO of the Austrian Federal Railways (ÖBB) Andreas Matthä has expressed his country`s keenness to expand cooperation with Azerbaijan as he met with Azerbaijan’s Minister of Economy Shahin Mustafayev. Andreas Matthä said his country attaches great importance to cooperation with Azerbaijan. He highlighted the activity of the Austrian Federal Railways, …

“SOCAR Polymer`s starting to work at full capacity is a remarkable event,” said President Ilham Aliyev at the inauguration of SOCAR Polymer high-density polyethylene plant in the city of Sumgayit. “There are many plants in the Sumgait Chemical Industrial Park and SOCAR Polymer definitely has a special place among them. …

European Commissioner for Budget and Human Resources Gunther Oettinger will visit Azerbaijan to attend the Fifth Ministerial Meeting of the Southern Gas Corridor (SGC) Advisory Council in Baku. The UK Prime Minister’s Trade Envoy to Azerbaijan Baroness Emma Nicholson will also join officials from the USA, European Commission, as well …

The State Oil Company of Azerbaijan Republic (SOCAR) and Kazakh National Company KazMunayGas JSC have signed a Memorandum of Understating in Astana. The MoU provides for the upgrade of KazMunayGas-owned floating drilling rig “Satti” in Baku and its utilization in SOCAR`s projects in the Azerbaijani sector of the Caspian Sea. …

Head of Dagestan Republic of the Russian Federation Vladimir Vasilyev has expressed his hope that the launch of a new railway line between Dagestan and Azerbaijan will give impetus to the development of tourism in the region. “We hope that the new line will be very important and effective for …

At the end of 2018, the number of BP’s Azerbaijani national employees was 2,534, including fixed-term employees,” BP Azerbaijan told AZERTAC. “BP made a commitment in 2014 to achieve a nationalization target of 90 percent professional staff by the end of 2018. The company have achieved that goal by mid-year primarily …

“We are continuing to plan the first exploration well on the Shafag-Asiman block,” BP Azerbaijan told AZERTAC. “Following completion of the processing and interpretation of the 3D data acquired from the Shallow Water Absheron Peninsula (SWAP) contract area, a Notice of Prospectivity was signed with SOCAR in 2018, signifying BP’s commitment …

Ambassador of the Czech Republic to Azerbaijan Milan Ekert has said trade between the two countries saw a 12%-growth last year against 2017 to reach 1.1 billion euros. He said the Czech Republic was Azerbaijan`s fifth largest trade partner and ninth largest foreign investor. Imports from Azerbaijan to the Czech …

Azerbaijan and Saudi Arabia have explored the ways of expanding the bilateral energy cooperation as a Joint Technical Commission held its first meeting. Azerbaijani Deputy Minister of Energy Samir Valiyev hailed factors that give impetus to the development of relations in the field of energy, including intensive cooperation within OPEC+format …