The authorized capital of AzMeCo has been reduced to $ 550 thousand, as it is noted in the announcement of Azerbaijani Methanol Company.
The official reasons are not named, but the almost 200-fold decrease in the risk susceptibility level is most likely connected with the lawsuits of Agrocredit in connection with the credit debt of the International Bank of Azerbaijan, whose assets it deals with.
The authorized capital of $ 100 million cannot cover the full debt of the LLC to IBA at approximately $ 500 million and Nizami Piriyev, the owner of the LLC, is not able to pay off the debts. According to experts, AzMeCo assets are more likely to go into SOCAR management, as it is the only organization that can pay the debts of the LLC.
Recall AzMeCo with headquarters in Baku extends within Turkey, Russia, the Netherlands, Uzbekistan and even Afghanistan. Mainly public investment in the suspended methanol plant is approximately $ 500 million. --17D-
Economics
-
Azerbaijan's Cabinet of Ministers has approved amendments to the list of strategically important goods in the country's consumer market, as outlined in Decision No. 136 dated April 27, 2023. The update aligns with the implementation of the Law on State Reserves and a corresponding presidential decree, the government announced on Thursday.
-
Representatives of Azerbaijani and Latvian business circles convened in Baku for the "Azerbaijan-Latvia Information and Networking Meeting," marking a significant step in bolstering economic cooperation between the two countries. Latvian Ambassador to Azerbaijan, Edgars Skuja, underscored the event’s mission to connect entrepreneurs from both nations, aiming to enhance collaboration across multiple sectors.
-
The President of Azerbaijan approved the amendments on November 7, which were made to the “Law of the Republic of Azerbaijan on Credit Bureaus” by the Milli Majlis. The text of the amended law was published on November 28.
-
The European Bank for Reconstruction and Development (EBRD) has released its Transition Report 2024-25 for Azerbaijan, urging the country to take bold steps to improve economic governance and foster private sector development. The report outlines key priorities for Azerbaijan’s economic trajectory and highlights challenges stemming from its reliance on volatile energy markets.
Leave a review