Azerbaijani President Ilham Aliyev ordered the corporatization of the Baku International Sea Port, which was relocated from Baku Bay to the Alat settlement in the Garadagh district of the capital. By another decree Taleh Magomed oglu Ziyadov was appointed General Director of Baku International Sea Port JSC.
The JSC will operate under the Ministry of Transport.
Authority reorganization and liquidation, as well as the appointment of the President of JSC is left behind. The Cabinet will decide issues approval of the reports, the distribution of profits and losses of the state-owned company, and the direction of development of the port. The Ministry of Transport will give permission for the conclusion of contracts in excess of 25% of net assets of joint-stock company, the appointment and dismissal of Deputy Director General, to appoint and remove members of the audit committee. In creation or liquidation of subsidiaries or branches of JSC will be taken into consideration the opinion of the State Committee on Property.
The Cabinet of Ministers ordered within two months to determine and pay the charter capital of JSC Baku International Sea Port. The government is requested to submit the head of state proposals to bring the activities of seaports in line with international standards, the promotion of entrepreneurial activity here, including enabling activities in the field of taxation and customs. Subject to distribution of powers are relations between the seaports and the State Maritime Administration.
The Tariff (Price) Council within a month is to revise tariffs for the port services provided by JSC Baku International Sea Port.
The first of the three phases of the port construction has been implemented. The port occupies 400 hectares. Its transshipment capacity is 10 million tons of cargo and 50 thousand containers. -----08D
Economics
-
U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
-
Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
-
Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
-
Azerbaijan’s labor market has expanded, with the total number of employees in the country’s economy reaching 1.78 million as of early January 2025, according to preliminary data from the State Statistics Committee. The data reveals a nearly equal distribution of employment between the public and private sectors, with 882,800 people working in state-run institutions and 895,700 in the non-public sector.
Leave a review