In the first quarter of 2015, 1,714 legal entities were established in Azerbaijan and the total number of state, municipal and private commercial entities reached 96.4 thousand by 1 April.
According to the State Statistics Committee, for the three months 24 state and 32 municipal enterprises were set up and 43 SOEs were closed down. This year 147 companies with foreign capital have been established.
The analysis of the data on commercial legal entities released by the Ministry of Taxes shows that about 70% of the new companies are created by a group of individuals involved in questionable transactions and terminated later. In the first quarter of this year the state register of commercial legal entities excluded 130 subjects, including 87 private enterprises, with foreigners involved in the capital of 17 of them. --08D
Economics
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The Central Bank of Azerbaijan (CBA) has approved the "Green Taxonomy," according to a decision by its Board of Directors on November 13.
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Azerbaijan's state oil and gas company, SOCAR, has signed a joint development agreement with Bulgaria’s "Asarel Energy," part of the Asarel Medet holding group. The agreement was signed on November 13 during the COP29 summit in the presence of the Presidents of Azerbaijan and Bulgaria, Ilham Aliyev and Rumen Radev.
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Saudi Electricity CEO Khalid Al-Hamidi and Baba Rzayev, Chairman of Azerbaijan's state-owned energy company Azerenergy, signed a memorandum of understanding (MoU) on Wednesday during the COP29 summit in Baku. The agreement, inked after a high-level meeting between Azerbaijan's Minister of Energy and his Saudi counterpart in the event’s Blue Zone, aims to enhance cooperation on integrating renewable energy into Azerbaijan’s power grid.
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The CEO of ICGB, the operator of the Greece-Bulgaria Interconnector (IGB), Theodor Georgieva, underscored the critical role of Azerbaijan and other gas suppliers to the European Union in the event of a potential cessation of Russian gas deliveries through Ukraine, speaking to journalists on the sidelines of COP29 in Baku.
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