The demolition started of the 12-storey building of the Baku Hotel located in the center of the capital in from of Samad Vurgun Square. In its place, the owners are planning to build a new hotel that would meet modern requirements.
The decision to build a new building was taken six years ago, but was not put into life because of financial problems, said the board chairman of Mehmanxana Baki JSC Khanlar Abbasov. The JSC representative noted that the rights of minority shareholders (168 individuals) will not be violated in attracting investment for this project. Major shareholders represented on the Supervisory Board intend to buy shares from those wanting to sell them at a bargain price. The remaining shareholders will receive dividends from the business.
JSC Mehmanxana Baki was privatized in 1998 through voucher privatization. In circulation are over 800 thousand shares of AZN 2.
In previous years, the hotels Moscow, Azerbaijan, South, Old Intourist, Sherq, etc were privatized through creation of JSC. At the site of the first two hotels were built a complex of hotels and business centers Baku Fires and Hilton Hotel Baku. - 08B-
Economics
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The Central Bank of Azerbaijan (CBA) has approved the "Green Taxonomy," according to a decision by its Board of Directors on November 13.
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Azerbaijan's state oil and gas company, SOCAR, has signed a joint development agreement with Bulgaria’s "Asarel Energy," part of the Asarel Medet holding group. The agreement was signed on November 13 during the COP29 summit in the presence of the Presidents of Azerbaijan and Bulgaria, Ilham Aliyev and Rumen Radev.
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Saudi Electricity CEO Khalid Al-Hamidi and Baba Rzayev, Chairman of Azerbaijan's state-owned energy company Azerenergy, signed a memorandum of understanding (MoU) on Wednesday during the COP29 summit in Baku. The agreement, inked after a high-level meeting between Azerbaijan's Minister of Energy and his Saudi counterpart in the event’s Blue Zone, aims to enhance cooperation on integrating renewable energy into Azerbaijan’s power grid.
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The CEO of ICGB, the operator of the Greece-Bulgaria Interconnector (IGB), Theodor Georgieva, underscored the critical role of Azerbaijan and other gas suppliers to the European Union in the event of a potential cessation of Russian gas deliveries through Ukraine, speaking to journalists on the sidelines of COP29 in Baku.
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