By the decisions of the Observation Council and the session of the shareholders, the authorized capital of Southern Gas Corridor (JSC) was increased up to $725 million, reads the statement published on the web site of the State Oil Fund of Azerbaijan (SOFAZ).
The initial capital of the Southern Gas Corridor totaled $100 million, but in February 2015 its capital was increased up to $300 million.
“During six months, 2015 SOFAZ transferred $318.75 million to the treasury account of the Ministry of Economy and Industry. As a result of that share of the Fund in the Southern Gas Corridor capital has reached $369.75 million (51%),” reads the statement.
During 2014 the Oil Fund has allocated $2.5 billion to the Southern Gas Corridor to fund Azerbaijan’s share in the Shah Deniz-2 and the Southern Gas Corridor.
* In February 2014 President Ilham Aliyev signed the decree to create the closed-type joint stock company (JSC) for the efficient management of the Shah Deniz-2 project, expansion of the Southern Caucasian gas pipeline and construction of the TANAP and TAP gas pipelines.-0--
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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