Azerbaijan Deposit Insurance Fund (ADIF) has selected MuganBank, Bank Republic and AG Bank as agents for payment of compensations to the depositors of the recently shut down Royal Bank.
ADIF reported that since August 1, 2012 all deposits up to 30,000 AZN will be fully compensated. 98% deposits in Royal Bank were secured by the state, ADIF said.
ADIF has been operating since August 2007. Its members are 43 of 45 of banks operating in the country. Maximum size of insurance compensation per deposit is 30,000 AZN. Since June 1, 2010 the Fund does not insure the deposits with the interest rate over 12% per annum.—0--
Economics
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The first Russian-Iranian joint LNG plant is planned to be built in the Chelyabinsk region by 2027, as reported by Nikolai Isakov, Vice President and Executive Director of the Russian Gas Society. The joint venture will be developed by Kriogaz Chelyabinsk (Russia) and North-South Corridor Development Group (Iran).
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The Southern Gas Corridor (SGC) will expand by at least 1.2 billion cubic meters per year starting from January 2026, thanks to the capacity increase of its European segment, the Trans Adriatic Pipeline (TAP). By this time, the potential for transporting a blend of hydrogen with other low-carbon gases through TAP is expected to become clearer.
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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