On the occasion of September 20 - the Day of Azerbaijani Oil - the Bank of Baku begins allocation of concession loans to employees of the oil industry of Azerbaijan.
As reported in the bank, in the period from September 20 to October 15, employees of the oil sector in Azerbaijan can enjoy 2% discount on the annual interest rates of consumer and cash loans (excluding auto and mortgage loans, loans for deposits and VIP). The maximum loan amount is 5,000 manat. The loan term is 30 months.
In addition to the 2% discount, customers without delays in the payment of arrears, receive a bonus of 50 manat in the campaign "Interest back." The gains are transferred to the card Dostlar Klubu (Club of Friends), which is already available to the client, or the same will be handed to him. The bonus amount will be used in the case of registration of a new money loan. -15D -
Economics
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In Baku, grappling with growing environmental challenges, experts and policymakers convened on Friday for an international scientific conference titled “Sustainable Environment: Transition to Green Energy.” The event highlighted the urgent need for innovative strategies to combat pollution and advance renewable energy initiatives.
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Kazakhstan is set to increase its oil transit through the Baku-Tbilisi-Ceyhan (BTC) pipeline by 5.1% in 2024, reflecting growing regional cooperation and diversification in energy routes. According to figures obtained by Turan News Agency, the total volume of Kazakh oil transiting through the BTC pipeline is projected to exceed 1.464 million tons, up from 1.392 million tons in 2023.
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In a groundbreaking development for Azerbaijan’s energy sector, GL Group, a prominent Azerbaijani oil company, has announced plans to drill the country’s first horizontal well on land, reaching a depth of 4,400 meters with a lateral section of approximately 400 meters. The project, a milestone in the region’s oil exploration history, is set to take place at the Kirsangi-Garabaghly onshore fields.
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The Central Bank of Azerbaijan (CBA) forecasts an annual inflation rate of 5.1% by the end of 2024, comfortably within the target range of 4% ± 2%. However, recent data indicate that inflationary pressure has significantly eased over the year: in October, the inflation rate stood at 3.4%, slightly down from 3.5% in September. Official data for November have not yet been released, leaving room for speculation about possible year-end adjustments.
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