The Cabinet of Ministers decided to approve the charter and structure of Azerishyg.
According to information on its website, the authorized capital of the company amounted to 623,533,532 manats (total 311,766,766 shares with par value of AZN 2 each). The Board consists of four people: the chairman, the first deputy and two deputies.
Azerishyg consists of 7 regional offices arranging supply and sale of electricity: Baku Regional Authority (the center of Baku), Northern Management (the center is in Sumgayit), Northwest (Gabala), West (Ganja), Lowland (Imishli), Central Lowland (Mingechevir) and South (Shirvan).
By the order of the President, Baku Electricity Network was transformed into JSC Azerishyg on February 10, 2015 (Turan reported on that). Its function is to buy electricity on the territory of Azerbaijan and to provide reliable, safe and efficient power supply to consumers. --17D-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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