Azerbaijan to discuss oil production freeze with OPEC

Azerbaijan’s Energy Minister Natig Aliyev will take part in an informal meeting of the OPEC member states and non-members of the organization within the framework of the 23rd World Energy Congress in Istanbul, Azerbaijan’s Energy Ministry reported. The OPEC Secretary General Mohammad Sanusi Barkindo sent the invitation to Azerbaijan’s energy minister to participate in the…

Azerbaijan: all North-South project members join cargo transportations

All countries involved in the North-South Transport Corridor project have connected to the cargo transportation process, reads the message of the ADY Express company, logistics operator of Azerbaijan Railways CJSC. The company implemented reception, handling and shipment of three out of five 40-foot universal containers loaded with electrical equipment and spare parts in Azerbaijan’s Astara…

Bulgaria ready to export wide range of products to Azerbaijan

Bulgaria is interested in exporting a wide range of products to Azerbaijan, Bojidar Loukarsky, Bulgarian minister of economy, said. He added that the issue was pharmaceutical products and medical equipment, clothing, food and other agricultural products, building constructions, as well as the construction of mini-plants for vegetable and fruit processing, etc. “Bulgaria is greatly interested…

Azerbaijan: Bulgaria prevents investing in occupied territories

Azerbaijan appreciates Bulgaria’s constructive stance regarding prevention of any unlawful acts, including attraction of the Bulgarian capital and resources to Azerbaijan’s occupied territories, the country’s Minister of Transport Ziya Mammadov said. “This year, the Foreign Ministry of Azerbaijan has submitted a report on the illegal economic and other activities in the occupied territories of Azerbaijan…

Azerbaijan: reinsurance company to increase capital

Azerbaijan’s sole reinsurance company AzRe Reinsurance OJSC plans to increase its authorized capital by 25%, to 50 million manats (AZN), the message of Azerbaijan’s Financial Market Supervisory Body said. The supervisory body registered the issue of ordinary nominal book-entry shares of the reinsurance company at face value of 25,000 manats in 2000. The issue placement…

Azerbaijan: owing no one, depending on no one

Azerbaijan enjoys great reputation around the world, President Ilham Aliyev said, addressing the opening ceremony of the 5th Baku International Humanitarian Forum. “Next month we will mark the 25th anniversary of restoration of our independence”, Aliyev said, adding that most of the years during this 25-year period had been the years of progress and development.…

Azerbaijan: Indian company opens office

The office of the Indian trading company ‘Global Trading’ was registered in Azerbaijan. The legal representative of the new company is Namig Veysalov. The company was registered in the Ministry of Taxes of Azerbaijan on June 6. Headquarters of the Global Trading company is in Delhi. The company deals with selling and production of paper,…

Azerbaijan to get first French locomotives in 2017

Azerbaijan will receive the first AZ8A freight electric locomotives in summer 2017, Bernard Peille, managing director of the French company Alstom’s South CIS Cluster, reported. These locomotives are produced by Alstom at the production site of the Elektrovoz Kurastyru Zauyty (EKZ) joint venture in Kazakhstan. Peille said the assembly process of electric locomotives had advanced…

Azerbaijan: Silk Way and Russian Helicopters to create service center

Silk Way Helicopter Services (SWHS MMC) commercial helicopter company and Russian helicopter holding Russian Helicopters signed a letter of intent within the ADEX 2016 International Defense Exhibition on September 27. The document was signed by Director General of Silk Way Helicopter Services Azer Sultanov and Deputy Director General of JSC Russian Helicopters Igor Chechikov. According…

Azerbaijan: IBA to be privatized

The ultimate goal of recovering the International Bank of Azerbaijan is to reduce its assets and liabilities and the bank’s privatization should be the next step, Azerbaijan’s Finance Minister Samir Sharifov said. He noted that the bank’s recovery was quite a difficult process and it was too early to talk about its completion. “Unfortunately, the…

Azerbaijan to showcase first hybrid engine UAV

Azerbaijani company AZDynamics will introduce the first hybrid engine unmanned aerial vehicle (UAV) with increased duration of autonomous flight. The hybrid drone will sport an internal combustion engine along with rechargeable batteries and an electric motor, making it possible to increase the duration of autonomous flight from 25 minutes to two hours. The drone will…