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 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’s state oil company SOCAR has extended the term of a letter of guarantee on the tender to buy a 66% stake in the Greek national gas transmission system operator DESFA until October 31, SOCAR said in a message. The message says that as a part of his visit to Greece, SOCAR head Rovnag Abdullayev…
Azerbaijan’s state oil company SOCAR will additionally produce more than 6,200 tons of oil per year thanks to the commissioning of a new horizontal well at the Western Absheron field in the Caspian Sea, SOCAR said in a message. Oil is extracted from the well bore within the range of 761-678 meters at a flow…
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 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 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…