Azerbaijan took the 37th place in the Global Competitiveness Report 2016-2017, prepared by the World Economic Forum. The research covered 138 countries. Azerbaijan ranked the 40th among 140 countries in the previous report. As in the previous report, Azerbaijan holds the highest position among the CIS (Commonwealth of Independent States) countries. The country is followed…
Issuing of bonds of Azerbaijan’s state oil company SOCAR within the country will make it possible to diversify the company’s portfolio, SOCAR vice-president for economic issues Suleyman Gasimov said. “Additional financing within the country creates an opportunity to attract funds on more favorable conditions. SOCAR will earn money from issuing these bonds, probably not directly,…
Azerbaijan’s state oil company SOCAR will produce over 5,800 tons of oil annually through commissioning a new well at the offshore Oil Rocks field, SOCAR said in a message. Oil is extracted from a wellbore within the range of 1,617-1,612 meters, according to the message. SOCAR is implementing a program to stabilize and increase the…
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…
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…
The Azerbaijan Export and Investments Promotion Foundation (AZPROMO) has become a member of the Silk Road Chamber of International Commerce, AZPROMO said in a message. The Silk Road Chamber of International Commerce, members of which are chambers of commerce from 22 countries, was created with the support of international organizations to promote investment and trade…
Transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the state budget will be reduced by 1.5 billion manats in 2017, Samir Sharifov, Azerbaijani finance minister, reported. The minister added that the transfers would be reduced to keep the country’s foreign exchange reserves at the same level. “As Azerbaijani President Ilham Aliyev said, while…