The Asian Development Bank (ADB) has allocated more than half of the funds’ volume within the framework of a grant worth $800,000 for operational preparation of an investment program of electricity distribution development in Azerbaijan, the ADB said in a statement posted on its website. ADB has provided Azerbaijan with $455,280 since the beginning of…
Alco Lubricant Company has become the ninth resident of Azerbaijan’s Sumgait Chemical Industrial Park (SCIP). The relevant certificate was given to the representatives of the new SCIP resident during an event organized by Azerbaijan’s Economy Ministry. The company will produce lubricating oil in the territory of SCIP. The project’s cost is $10 million. A plant…
Georgia should settle energy issues in partnership with Azerbaijan, a country it has traditionally friendly relations with, Georgian expert, chairman of the Institute for the Study of Georgia’s Development Gia Khukhashvili said. He was commenting on the information, which appeared in the Iranian media outlets regarding signing of a contract for the supply of Iranian…
Azerbaijan’s state oil company SOCAR will additionally produce about 5,480 tons of oil per year thanks to the commissioning of three new wells, which are being drilled at offshore fields Pirallahi-deniz and Darwin Bank, as well as the Saadan onshore field, SOCAR said. The projected depth of the well #1155 at the Pirallahi-deniz field is…
Nationals of Iran and Azerbaijan will be able to use their bank cards in the two countries’ territories once Iranian banks connect to the national card payments network created by Azerbaijan’s Central Bank. “Since Iran has not yet connected to any international payment system (Visa or MasterCard), the integration of the two countries’ card systems…
Azerbaijan’s GDP amounted to almost 32.12 billion manats in January-July 2016, down by 3% YoY, according to a report of the State Statistics Committee. The report says that the main reason of the Azerbaijani economy’s reduction is the 30.7% decline in volumes of production and services in the construction sector. Over the seven months of…
Bulgaria’s Energy Minister Temenuzhka Petkova and Economy Minister Bojidar Loukarsky will visit Baku on September 29-30, to take part in the 4th session of the intergovernmental economic cooperation commission. An Azerbaijani-Bulgarian business forum will also be held during the ministers’ visit. The Bulgarian delegation will include entrepreneurs working in the spheres of energy, refining, construction,…