The Cabinet of Ministers approved the Charter and structure of JSC AzerGold on 11 May. To address this issue the Government spent 15 months, though when the JSC was created on February 11 last year, the President ordered to solve the related issues within 2 months.
AzerGold carries out studies, research, exploration, development of non-ferrous metal ores and management. According to the statute, it is a full-fledged economic entity, which carries out the whole cycle of production activities of mining, processing and production of finished non-ferrous and precious metal goods, as well as their sale. The company will also have subsidiaries.
The authorized capital of the JSC is 2 million AZN. The issued shares are 100% owned by the state. The central office of the JSC is located at the Government House.
The Supervisory Board of JSC AzerGold consists of 5 persons and is formed by the Ministry of Economy for three years. The Chairman and members of the Board, with the exception of one of the five members, are appointed by the President of Azerbaijan. One member of the Board is appointed by the Ministry of Economy.
It should be noted that the corporate structure and management of CJSC AzerGold, including the organization of internal and external independent audit, financial reporting and its disclosure, etc. meet the highest standards in this area. ------08D
Economics
-
Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
-
Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
-
Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
-
In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
Leave a review