JSC Baku Steel Construction - the general contractor of the project for the construction of a metallurgical plant in Hovsan settlement of Baku city - announced on Monday in the media about the selection of a construction company. Thus, Ltd. Baku Steel Company gave the start of construction of a new steel plant, by which its capacity will be increased from 350 thousand to 750 thousand tons of steel per year.
In August this year between Baku Steel Company and the German company Siemens VAI an agreement worth 100 million euros was signed. The Germans will provide the enterprise with a machine continuous casting steel and other equipment. The enterprise will set up equipment for Sumgait Azerboru. As a raw material they will use scrap and DRI iron.
In BSC they argue that the plant built next to the fishing port Hovsan will employ more than 1,000 people.
LLC Baku Steel Company has been in effect since 2001. The Company now controls two plants for the production of rebar in the village Darnagul, a plant casting metal in Binagadi of Baku, OJSC Azerboru, Vtorchermet and Baku Oxygen Company. Nominally, the company is owned by Rasim Mammadov. -08D
Economics
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The Caspian International Investment Company JSC ended 2023 with a net loss of 557,000 manats, a significant improvement compared to the previous year, when losses were four times higher. The company's pre-tax losses for the year amounted to 264,000 manats, 11 times lower than in 2022, while income tax payments of 293,000 manats highlighted the efficiency achieved through strategic fiscal management.
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The 24th Republican Beekeeping Exhibition and Fair opened in Baku on Monday, with around 120 tons of honey products on sale. The event features the participation of 275 beekeepers from 39 districts across Azerbaijan and will run until September 29.
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BAKU, Sept 10 (Reuters) – The "Chain Reaction 2024" conference commenced in Baku on September 10, bringing together leaders and innovators from across the technology sector. Organized by FARI Solutions in collaboration with the Center for Analysis and Coordination of the Fourth Industrial Revolution and the Innovation and Digital Development Agency, the event is supported by Binance, the world's largest cryptocurrency exchange.
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The Azerbaijani government has amended its financing mechanism for higher education institutions, according to a decree issued by Prime Minister Ali Asadov on September 6. The changes update annual education costs for students in various academic levels and fields, including bachelor’s, master’s, medical, and doctoral programs, under state orders.
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