On 27 August, the State Committee for Securities registered the issue of debentures of interest of Mercury Investment and Holdings Ltd, which are planned to be floated by the closed method. The total size of the issue is $ 200 million.
SSC told Turan Mercury Investment and Holdings Ltd is a legal entity of the Isle of Man. Repayment of the bonds is provided for by 2027. However, the SSC did not specify under which project it is planned to invest the borrowed funds.
Turan found that Mercury Investment and Holdings Ltd was established in 2005. It is noteworthy that the largest in Azerbaijan and the South Caucasus steel plant LLC Baku Steel Company is registered on the Isle of Man. BSC has recently announced plans to build a new steel complex with a capacity of 1 million tons in Hovsan, Baku. The Mercury Investment and Holdings Ltd bond issue is probably related to the project.
Note that on July 27 SSC registered the issue of corporate bonds by Baku Shipyard, which totaled $ 310 million. - 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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