A subsidiary of the State Oil Company of Azerbaijan, JSC SOCAR Petroleum increases its share capital by 53.8 million manat.
The Financial Market Supervision House (FMSH) stated that the additional issue of 179,617 ordinary shares with par value of 300 manat was registered on January 6. The method of placement of the securities is not reported.
Prior to that, the paid-up share capital of CJSC SOCAR Petroleum was 29 million 875.8 thousand manat.
The company was founded in September 2008 with the participation of SOCAR (51%) and A.P. International LLC, United States (49%). In Azerbaijan it owns 23 filling stations and 11 storage depots, a car service station, a motel with 26 rooms, as well as many vehicles. --08D--
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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