Azerbaijan is Russia’s main trading partner in the South Caucasus and the trade turnover between the two countries will reach $3 billion, Azerbaijani Foreign Minister Elmar Mammadyarov said at a press conference in Baku following a meeting with his Russian counterpart Sergey Lavrov. “The trade turnover between our countries continues to grow and is expected…
Azerbaijan is weighing measures to further develop tourism potential of its Naftalan city, famous for crude oil spas that has health-giving properties. Deputy Chief Executive Officer of the Azerbaijan Tourism Board Bahruz Asgarov has said that a plan to develop Naftalan’s tourism has been already worked out and will be implemented in 2020. Addressing the…
Asian Development Bank (ADB) Board of Directors has approved a $250-million policy-based loan in support of the Azerbaijani government’s second program for Improving Governance and Public Sector Efficiency Program, a source with the ADB has said. Credit funds for the implementation of the second phase of the program will be provided for 15 years. According…
Azerbaijani low-cost airline Buta Airways will launch direct flights from Baku to Lviv from December 23, the company has written on its Facebook page. “We are opening direct flights to one of the most beautiful cities in Eastern Europe – Lviv. Use our flights starting from December 23,” Buta Airways wrote. The company added that…
The Carbamide Plant belonging to the State Oil Company of Azerbaijan Republic (SOCAR) will produce up to 650,000 tons of urea in 2020, Carbamide Plant’s Director Khayal Jafarov has announced. “Before the end of this year we expect to produce another 50,000 tons of urea. In 2020 production volumes are planned at the level of…
An auction for placement of mid-term state bonds worth 15 million manats ($8.8 million) of Ministry of Finance was held at Baku Stock Exchange (BSE) on November 26. The maturity period of the bonds is 1,092 days. During the auction 16 investors submitted 29 bids in the price range from 94.9 manats ($55.9) with a…
On November 25 the Port of Baku, Austrian OBB Rail Cargo Group and Cabooter Group (NL) signed an agreement to strengthen and expand the freight traffic from Europe to Central Asia and China via the Trans-Caspian International Transport Route (Middle Corridor). The Federal Minister of Transport, Innovation and Technology of Austria Andreas Reichhardt, and Ambassador…