Major manufacturer of ferrous metal in Azerbaijan, LLC Baku Steel Company announced about increase in the carrying capacity from 770 000 to 1.1 million tons per year after the completion of the reconstruction of the parent company to the 25th of September.
As said in a statement to the press on behalf of the owner of Rasim Mammadov, a few days ago between the BSC and the German company Siemens VAI was contracted to build Hovsani steel casting plant with a capacity of 750 thousand tonnes of steel and rolled products, some of which will be used to privatized companies Pipe Plant OJSC Azerboru. The cost of the contract is 100 million euros. The plant will be located in the port Hovsan (Baku), the reconstruction is completed.
The representative of the LLC Baku Steel Company and announced a grand project to build steel plants in the Dashkesan region and the city of Ganja worth 1.2 billion euros. The project, for which the company intends to begin in October of this year, includes the construction of a plant with a capacity 3,000,000 tons and the discovery of 100,000 jobs.
In April this year, President Ilham Aliyev signed a decree on the establishment of the state of CJSC "Azerbaijan complex of steel", the ownership of which was given Dashkesan mining processing plant. However, until now Company has not passed state registration and is not appointed its board. - 08D-
Economics
-
The State Oil Fund of Azerbaijan (SOFAR) reported revenues of $4.60 billion from the Azeri-Chirag-Guneshli (ACG) oil field in the January-September period of 2024, a decline of 12.1% compared to the same period last year. In 2023, SOFAR recorded revenues of $5.23 billion from ACG, the largest oil field in Azerbaijan.
-
Azerbaijan launched its first trade forum on Monday to highlight the opportunities and challenges faced by small and medium-sized enterprises (SMEs). The forum, titled “Opportunities, Current Situation and Challenges for SMEs,” aims to strengthen dialogue between the public and private sectors while promoting international business cooperation.
-
Vahid Magerramov, Head of the Public Association for Support of Agrarian Reforms, has raised concerns over rising consumer prices in Azerbaijan, warning that the inflation trend could have serious economic consequences for the country.
-
Silk production in Azerbaijan decreased by 32.9% year-on-year in the first eight months of 2024, reaching 239.4 tons, according to data released by the State Statistics Committee. The decline was attributed to a reduction in the number of silkworm seeds distributed to farmers, reflecting a longer-term trend in the sector's contraction, noted agricultural expert Vahid Maharramov.
Leave a review