The State Agency for Material Resources (SAMR) under the Ministry of Emergency Situations announced today the purchase of high quality wheat for the State Grain Fund (SGF). The specific amounts are not reported, although it is known that local farmers cannot meet the requirements of SGF, because they are too high.
The Fund has met its needs through imports at all purchase prices for almost four years. This year farmers are offered to sell wheat at 230 manat per ton. Proposals will be accepted until September 1. Wheat is received by two elevators, as well as selected private mills in Baku and regions of the country.
According to the Ministry of Agriculture on the 2nd of July, there were collected 1,584.5 thousand tons of cereals, 24.1% more than during the comparable period in 2011. The share of wheat accounts for 940 thousand tons. The yield of grain per hectare is 26.4 quintals, 2.2 quintals more than last year, and the yield of wheat is 27.1 quintals (+2.4 quintals). This year, grain crops were sown on 986.6 thousand hectares of land, which is 4.4% more than in 2011. The Ministry of Agriculture forecasts grain production at 2.7 million tons. The need of the country for grain crops is estimated at 3.6 million tons. -08B-
Economics
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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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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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