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…
Azerbaijan’s state oil company SOCAR doesn’t exclude the possibility of issuing bonds in the country’s national currency – manat – in the future, SOCAR President Rovnag Abdullayev reported. Abdullayev said that among the population there was an increasing interest in dollar-denominated bonds issued on September 20, totaling $100 million with a par value of $1,000…
Azerbaijani state oil company SOCAR has commissioned a modern center for drilling waste management in Garadagh district of Baku. SOCAR President Rovnag Abdullayev, BP Regional President for Azerbaijan, Georgia and Turkey Gordon Birrell and representatives of SOCAR management took part in the opening ceremony. The total area of the center is 40 hectares with the…
Silk Way West Airlines opened direct cargo flights between Baku and the largest transportation hub in the United States – Chicago (Illinois). The first flight from Heydar Aliyev International Airport to O’Hare International Airport was carried out on September 18. Starting from October, regular transatlantic flights of Silk Way West Airlines on this route would…
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…
24 state property units were sold as part of another auction held by the Azerbaijani State Committee on Property Issues on September 20, within the new privatization program in the country. As a result, some 1.1 million manats will be transferred to the country’s state budget. The third stage of privatization started as part of…
The work within the Shah Deniz Stage 2 project has been completed by 80%, Rovnag Abdullayev, president of Azerbaijan’s state oil company SOCAR, said. “The work on Shah Deniz 2 successfully continued in the first half of 2016”, he said. “For the present, the four-fifths of the planned works, including engineering, construction and other works…