The firm is little known in Azerbaijan. It is also unclear what sources will finance the large-scale project.
The broiler company is to set up 100 new jobs and transfer AZN 2.4 million to the state budget. It will also submit 40,000 privatization vouchers for reimbursement.
The Lebanese company Ruby Rose Group S.A.R.L was debarred from the 99.17% of the Siyazan Broiler shares it owned by the Azerbaijani court in 2006. The court formally explained it with the Lebanese company"s failing to meet the contractual liabilities (it allegedly failed to invest $35 million in the enterprise"s reconstruction). But several experts guess the company was just punished for its financial relations with the former Economic Development Minister, Farkhad Aliyev, who had a wide business network, but is in prison now.
Siyezen Broiler"s authorized capital is AZN 16.7 million. The shareholder list includes 75 physical and juridical persons. The factory was built in 1985. It gives jobs to 1,315 people.--08B-
Economics
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According to data released by the State Statistics Committee, Azerbaijan’s agricultural sector achieved slight production growth in the first eight months of 2024. The total volume of agricultural production reached 8.723 billion manats, which is 0.8% higher than during the same period last year. However, this growth occurs against a backdrop of increasing food imports, despite significant government subsidies aimed at supporting domestic agriculture.
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Azerbaijan has unveiled strong fiscal indicators for the first eight months of the current year, reporting a state budget surplus that underscores the country’s economic resilience amidst global uncertainties. According to operational data released by the Ministry of Finance, state budget revenues from January to August 2024 reached 25 billion 223.4 million manats, while expenditures amounted to 22 billion 362.4 million manats.
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Azerbaijan has made significant progress in diversifying its energy balance, with renewable sources playing an increasingly important role in the country's electricity production. Operational data for January-August 2024 show that total electricity generation reached 19,235.4 million kilowatt-hours (kWh), marking a noticeable shift towards greener energy.
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Bilateral relations between Azerbaijan and Russia are accelerating, particularly in the agricultural sector, as Deputy Prime Minister Shahin Mustafayev and Russia’s Minister of Agriculture Oksana Lut underscored during their high-level meeting on September 13 in Baku.
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