Until the end of this month the entire staff of the former State Oil Company of Azerbaijan headquarters will move to a new office on Heydar Aliyev Avenue, the SOCAR Tower.
And what will happen to the old office of the State Oil Company? Will this historic building be returned to the state or remain at SOCAR's balance sheet? The fact is that when Azerbaijan's oil industry was nationalized by the Russian communists in early May 1920, after the overthrow of the local authorities, the building was given to Azneft.
As it became known to Turan, Azneft (SOCAR’s mining entity, which is now based near the Narimanov subway station) will return to the old place. The production union rents the current office and pays a lot of money for that, the spokesman said. -12B--
Economics
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Azerbaijan is set to significantly increase the proportion of electricity generated from renewable sources, currently standing at 14.4%, Deputy Economy Minister Samad Bashirli announced on Thursday at the Think Tanks Forum of the Organization of Economic Cooperation (OIC) held in Baku.
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Azerbaijan has entered into a partnership with Italian energy firm Technip Energies SpA to implement a pyrolysis oil production project aimed at enhancing waste recycling and promoting sustainable development, officials said on Tuesday.
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Belarus and Azerbaijan signed multiple cooperation agreements on Tuesday following talks between Belarusian Prime Minister Roman Golovchenko and Azerbaijani Prime Minister Ali Asadov during Asadov’s official visit to Minsk on October 3.
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Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
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