Azerbaijan imposed the laws banning production and imports of grain products received from genetically modified organisms (GMOs), according to amendments to the decree “On Grains” signed by the President of Azerbaijan Ilham Aliyev and published on July 22. In particular, the amendments to the article 6.8 of the decree prohibit the production and trading in…
Another round of talks on Azerbaijan’s accession to the World Trade Organization (WTO) started in Geneva, the Azerbaijani Foreign Ministry said. According to the ministry, at the negotiations the Azerbaijani delegation was headed by Deputy Foreign Minister Mahmud Mammad-Guliyev. Earlier, Chidu Osakwe, director of the WTO office of accession, said the changes taking place in…
In January-May the import volumes of wheat to Azerbaijan totaled 556.6 thousand tons, down by 29.4% YoY, the State Statistical Committee of the Republic of Azerbaijan reported. According to the statistics data, the general cost of imported wheat to the country totaled $104.78 million (down by 43.2% YoY). In the reporting period Azerbaijan imported 59.12…
Azerbaijan Airlines (AZAL) and Russian Ural Airlines will start operating joint flights on Gabala-Moscow-Gabala route from July 31. According to the code-share agreement, flights of Ural Airlines on this airline will be operated under the codes of both airlines. Direct flights on Gabala-Moscow-Gabala route will be operated every week on Sundays. Departure from Domodedovo International…
BJ Services Company Middle East Ltd., a UK oil field servicing company, announced the liquidation of its office in Azerbaijan, the Azerbaijani Taxes Ministry reported. Lenders may submit their claims within two months at: 3, Salyan highway, 15th kilometer, Lokbatan settlement, Garadagh district, Baku, Azerbaijan. BJ Services Company Middle East Ltd. provides on-site services and…
British magazine “The Banker” included the International Bank of Azerbaijan (IBA) in the TOP-1000 of the most powerful and financially sustainable banks in the world. According to the ranking, the IBA is among TOP-25 of the best banks within the Central and Eastern Europe region based on assets volume, capital adequacy, ROA and ROE. “The…
Assets of the State Oil Fund of Azerbaijan (SOFAZ) increased by 4.6% and amounted to $35.1 billion as of July 1, as compared to $33.57 billion in early 2016, SOFAZ said in a report. SOFAZ’s revenues totaled almost four billion Azerbaijani manats during the H1 2016, and expenditures were almost at 2.256 billion manats. During…