The regular meeting of the Board of the Accounting Chamber of Azerbaijan (ACA) took place. The most "loud" conclusion was made on the violations in the activity of JSC Azerenergy, where there had been a misuse of budget funds.
In particular, there was no proper justification of public investment projects, no complete information on the preparation of the investment proposal, no feasibility study and evaluation of projects, lack of expertise of the targeted use of allocated funds, and others.
In addition, it was found that the project documentation for the reconstruction of power grids was prepared on the basis of orders of contractors, and the contractors uere paid inflated sums for provided services and, in some cases contracts for works and services were concluded without the procedure of procurement.
Some objects after their completion were not taken into operation by the State Selection Committee and the cost of the work was not reflected in the financial statements.
On the basis of violations the ACA made recommendations to the JSC Azerenergy to address the shortcomings and strengthen financial discipline. --17D-
Economics
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The Baku International Sea Trade Port, a critical link in the Middle Corridor connecting East and West, handled 7.6 million tons of cargo in 2024, marking a 3.2% increase from the previous year. This growth underscores the port's expanding role in global trade and its significance as a transit hub for countries such as China, Turkey, Georgia, Iran, and Russia.
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Azerbaijan’s state oil company SOCAR has acquired a 3% stake in the offshore SARB and Umm Lulu concession in the United Arab Emirates (UAE) from Abu Dhabi National Oil Company (ADNOC) for $285 million, marking a significant step in deepening energy ties between the two nations. The transaction, completed in May 2024, was completed in January 2025.
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The Baku Small and Medium Business (SME) House and the Miniboss Business School have signed a memorandum of understanding aimed at developing entrepreneurial skills among children, the Small and Medium Business Development Agency (KOBIA) reported on Monday.
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In 2025, Azerbaijan's information security and digital infrastructure remain under pressure, as experts highlight the absence of a National Internet Exchange Point (IXP). Osman Gunduz, head of the NGO Multimediya, has renewed calls for the Information and Communication Technologies Agency (İKTA) to spearhead the creation of a Milli İnternet Mübadilə Mərkəzi (National Internet Exchange Centre) in collaboration with key local providers Azertelecom, Delta Telecom, AzTelekom, and global industry leaders.
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