Economy

SOCAR, Itochu Oil Exploration Co., Ltd. sign MoU

23.02.2017 | Readed: 15

The State Oil Company of the Azerbaijan Republic (SOCAR) and Japan’s Itochu Oil Exploration Co., Ltd. have today inked a Memorandum of Understanding on scientific and technical cooperation. Prior to the signing ceremony, SOCAR leadership met with a......

Azeri Light crude sells for $57.46

22.02.2017 | Readed: 58

The price of a barrel of Azeri Light crude oil increased $0.75 to stand at $57.46 on the world markets. On NYMEX (New York Mercantile Exchange) cost of the US light crude oil rose $0.25 to trade at $53.65. Price of the Brent crude oil at the London ICE......

Azerbaijan, Denmark ink convention on avoidance of double taxation

18.02.2017 | Readed: 441

Azerbaijan and Denmark have signed the convention on avoidance of double taxation and prevention of tax evasion on income taxes. The document was signed by Azerbaijani Minister of Taxes Fazil......

AZALJET launches new flights from Moscow to Azerbaijan's regions

17.02.2017 | Readed: 435

AZALJET (low-cost brand of Azerbaijan Airlines) will launch regular flights from Moscow Vnukovo Airport to Azerbaijani regions - Ganja and Gabala starting March 15. Moscow-Ganja flights will be......

Oil prices rise on world markets

11.02.2017 | Readed: 445

Oil prices continue to rise on the world markets. On NYMEX (New York Mercantile Exchange) cost of the US Light crude oil increased $0.86 to stand at $53.86. Price of the Brent crude oil at the......

EIA raises Brent price forecast to $55 for 2017

09.02.2017 | Readed: 451

The US Energy Information Administration (EIA) raised its forecast on crude oil prices for this year in its short-term energy outlook report released Tuesday. Global benchmark Brent crude is......

Shahdeniz gas field earned SOFAZ $2.5 bn since 2007

08.02.2017 | Readed: 446

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has made a profit of 2,506,000,000 US dollars from Shahdeniz gas field project since 2007. SOFAZ earned $64 million from this gas field in the first seven months of this year. No profit has been made......

Azerbaijan ranks second among developing countries upon Inclusive Development Index

02.02.2017 | Readed: 472

Azerbaijan is ranked second among developing countries upon Inclusive Development Index (IDI). According to Inclusive Growth and Development Report of World Economic Forum held in Switzerland, Lithuania and Azerbaijan share first and second place with......

Tokyo to host seminar within GUAM-Japan cooperation

30.01.2017 | Readed: 472

A seminar on the development of tourism will be held in Tokyo from January 29 to February 4 on the sidelines of the GUAM-Japan......

OPEC and non-OPEC oil production cuts won't harm BP

27.01.2017 | Readed: 472

“The OPEC and non-OPEC oil production cuts won't harm the BP,” BP CEO Robert Dudley told reporters on Wednesday. “The OPEC output cut deal wouldn't be a problem for the BP, who has operations......

Azerbaijan plays role of most profitable and reliable logistics centre in Caspian Sea region

24.01.2017 | Readed: 476

Azerbaijan plays role of the most profitable and reliable logistical centre in the Caspian Sea region, has said former Culture and Tourism Minister of Turkey, Chief Advisor to the President Erdogan Yalchin......

Azerbaijani companies attend International Green Week 2017 fair in Berlin

23.01.2017 | Readed: 465

Some 19 Azerbaijani companies have attended the International Green Week 2017 fair of the food, agriculture and gardening industries in Berlin, Germany. Azerbaijan is represented in the event by a......

About 21 mln USD to be invested in Pirallahi Industrial Park plant

17.01.2017 | Readed: 456

In the first stage, 20.6 million USD will be invested in the Pirallahi Industrial Park’s Construction, Azerbaijani Minister of Economy Shahin Mustafayev said. The plant will be built on an area of......

President Ilham Aliyev: Azerbaijan's economic priorities for 2017

14.01.2017 | Readed: 463

The official website of the World Economic Forum has published an article by Azerbaijani President Ilham Aliyev headlined "Azerbaijan's economic priorities for......

SOCAR Polymer to be commissioned in 2018

13.01.2017 | Readed: 464

SOCAR Polymer is planned to be fully operational in......

Al Jazeera’s another report highlights tourism opportunities in Azerbaijan

12.01.2017 | Readed: 445

Al Jazeera has prepared another TV spotlight about tourism opportunities in Azerbaijan. It highlights that Azerbaijan is at crossroads of the East and the West, as well as the place of confluence of......

Passenger traffic of Heydar Aliyev International Airport reached record high in 2016

07.01.2017 | Readed: 467

Heydar Aliyev International Airport served 3.26 million passengers in 2016, which is a record in Azerbaijan's civil aviation......

Over 1.5 million Azerbaijanis travelled to Georgia in 2016

06.01.2017 | Readed: 457

A total of 1,523,075 Azerbaijani citizens travelled to Georgia in 2016, according to the Georgian National Tourism Administration. It is 129,818 persons or 9.3 per cent more than in 2015, official statistics suggests. Azerbaijan is the leader for the......

AIIB allocates $600 mln for TANAP

22.12.2016 | Readed: 481

The Asian Infrastructure Investment Bank (AIIB) has approved a $600 million loan for Trans-Anatolian Natural Gas Pipeline (TANAP), according to Beijing headquarters of the bank. AIIB Vice-President......

National low-cost carrier BUTA AIRWAYS to be established in Azerbaijan

15.12.2016 | Readed: 493

The Board of CJSC Azerbaijan Airlines (AZAL) has decided to establish Azerbaijan's own low-cost......

Azeri Light crude sells for $56.83

13.12.2016 | Readed: 484

Oil prices continue to rise on the world markets. On NYMEX (New York Mercantile Exchange) cost of the US Light crude oil increased $1.33 to stand at $52.83. Price of the Brent crude oil at the London ICE (Intercontinental......

AZAL's air ticket rates will not increase

09.12.2016 | Readed: 497

The recent increase in aviation fuel prices by the Tariff Council does not affect the current air ticket rates of Azerbaijan Airlines (AZAL) national flag carrier. Like all airlines, AZAL's air ticket prices are formed on a......

Heydar Aliyev International Airport served three million passengers during 11 months of 2016

08.12.2016 | Readed: 500

Heydar Aliyev International Airport served over 231,000 passengers in November this year, which is 23 percent higher than the same period of last year. Over 11 months of 2016 the Baku airport served......

Non-oil sector budget revenues forecast to be AZN 8.3bn in Azerbaijan`s 2017 state budget

07.12.2016 | Readed: 493

Azerbaijani Minister of Finance Samir Sharifov has said the non-oil sector revenues will account for 8.3 billion manats in the country`s 2017 state budget. This makes 51.2 per cent......

Over 2 mln tons of Azerbaijani oil exported via BTC pipeline in November

07.12.2016 | Readed: 493

2,72,571 tons of Azerbaijani oil was transported via Baku-Tbilisi-Ceyhan-BTC main export pipeline in November......

Azeri Light crude sells for $48.92

28.11.2016 | Readed: 505

The price of a barrel of Azeri Light crude oil decreased $1.25 to stand at $48.92 on the world markets.

AZERTAC

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AZAL's new campaign on flights to Tel Aviv

25.11.2016 | Readed: 517

Azerbaijan Airlines (AZAL) announced a new campaign for flights on the route from Baku to Tel Aviv. When buying from December 1 to 20, air ticket for the flights on Baku-Tel-Aviv-Baku route in the period from January 10 to......

Azeri Light crude sells for $49.69

23.11.2016 | Readed: 501

The price of a barrel of Azeri Light crude oil increased $0.05 to trade at $49.69 on the world markets. On NYMEX (New York Mercantile Exchange) cost of the US light crude oil decreased $0.21 to stand at $48.03. Price of the......

SOCAR launches 35th filling station in Romania

21.11.2016 | Readed: 525

SOCAR has opened its 2nd filling station in Ilfov, Romania. The opening ceremony was attended by SOCAR Vice-president for economic issues Suleyman Gasimov, representatives of Azerbaijani Embassy in Romania, Turkish......

Oil prices rise on world market

17.11.2016 | Readed: 494

Oil prices continue rose on the world markets. On NYMEX (New York Mercantile Exchange) cost of the US Light crude oil increased $2.49 to stand at $45.81. Price of the Brent crude oil at the London ICE (Intercontinental......

Azeri Light crude sells for $44.78

14.11.2016 | Readed: 500

Azeri Light crude oil price has fallen on the world markets.

The price of a barrel of Azeri Light crude oil decreased $1.38 to stand at $44.78

AZERTAC

...

SOCAR plans to own 10% of Romanian energy market

12.11.2016 | Readed: 513

On November 9-10, Bucharest hosted the Romania Oil & Gas Conference and Exhibition 2016, organized by Petroleum Industry Review and Petroleum Club of Romania, the State Oil Company of Azerbaijan Republic (SOCAR)......

"Bank Silk Way" launches new website

10.11.2016 | Readed: 489

"Bank Silk Way" has launched a fully renewed new corporate website www.banksilkway.az. The new site, according to the bank's corporate standards, is remarkable for contemporary design, different structure and ease of use. During development of the site daily needs......

Silk Way launches charter cargo flight to Prague

04.11.2016 | Readed: 528

Azerbaijani Silk Way airline has launched the first cargo delivery by a charter flight to Prague. The company plans to carry out permanent flights for transportation of cargo to Europe, especially Czech Republic in......

Natiq Aliyev to represent Azerbaijan in OPEC and Non-OPEC countries’ summit

28.10.2016 | Readed: 527

Azerbaijani Energy Minister Natig Aliyev will attend the summit of energy ministers of OPEC and non-OPEC countries that will be held on October 29 in Vienna. As is reported, Russia, Kazakhstan, Bahrain, Bolivia, Brazil,......

Oil prices fall on world markets

27.10.2016 | Readed: 505

Oil prices fell again on the world markets. On the New York Stock Exchange NYMEX (New York Mercantile Exchange), the cost of the US Light crude oil decreased $0.78 to stand at $49.18. The price of Brent crude fell $0.81 to......

Doing Business 2017 ranks Azerbaijan among 29 countries that implemented three or more reforms

26.10.2016 | Readed: 521

Doing Business 2017 report has ranked Azerbaijan among 29 countries that implemented three or more reforms. The country`s overall standing in the report is 65. The reports says Azerbaijan facilitated international trade......

AZAL bans use of Samsung Galaxy Note7 on its flights

22.10.2016 | Readed: 524

Samsung Galaxy Note 7 smartphone devices were banned from Azerbaijan Airlines (AZAL) both in hand luggage and checked baggage. The decision was made following a similar ban made by the US aviation authorities, as well as......

International Renewable Energy Conference kicks off in Baku

21.10.2016 | Readed: 505

International Renewable Energy Conference has today started in Baku as part of the 7th International Forum on Energy for Sustainable Development. Deputy Chairman of the State Agency on Alternative and Renewable Energy......

Azerbaijan Airlines increasing regular flights to London

12.10.2016 | Readed: 494

Azerbaijan Airlines CJSC (AZAL) is increasing the number of regular flights from Baku to London, in accordance with the winter schedule. Currently, AZAL is carrying out five flights per week from the Heydar Aliyev International Airport to the major international......

SOCAR Turkey Energy AS and Rosneft sign agreement

11.10.2016 | Readed: 571

Rosneft and Socar Turkey Energy signed an agreement on supplies of oil and oil products at the World Energy Congress. “The parties will examine cooperation potential within the scope of new Star Refinery with the capacity......

2.1 million tons of Azerbaijani oil transported via BTC in August 2016

08.10.2016 | Readed: 509

2 million 55 thousand 791 tons of Azerbaijani oil was transported via Baku-Tbilisi-Ceyhan-BTC main export pipeline in September 2016. According to the press service of SOCAR, 22 million 43 thousand 322 tons of oil was......


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