The Cabinet amended the rules of the financial statements of commercial organizations. Under the new requirements, the information on the approval of the financial statements of investment funds and their management companies shall be provided to the Financial Markets Control House (FMCH).
Once a year, until March 31, the Taxes Ministry should provide FMCH a list of investment funds operating in Azerbaijan and their management companies. The financial statements of other companies are controlled by the Ministry of Finance.
Note that the second law of Azerbaijan On Investment Funds has been valid since 2011. There is no single investment fund yet. Experts point out that the law meets the most stringent requirements and, perhaps, for this reason it does not meet the realities of Azerbaijan's economy and financial markets. ---08D
Economics
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Rovshan Najaf, President of the State Oil Company of Azerbaijan (SOCAR), and Oleg Korobchenko, Deputy Prime Minister and Minister of Industry and Trade of the Republic of Tatarstan, discussed cooperation and expressed satisfaction with the partnership between SOCAR and the Russian oil company Tatneft.
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Azerbaijan’s drive to attract investment into its industrial and agricultural zones is gaining momentum, with the government registering 31 new resident companies across economic zones in 2023. The Economic Zones Development Agency (EZDA) also granted non-resident status to one company, marking a new phase in the country’s efforts to stimulate economic growth in post-conflict areas and beyond.
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The State Oil Company of Azerbaijan (SOCAR) is stepping up its international expansion in upstream operations, marking a strategic shift in its global portfolio. The company’s recent acquisitions— a 10% stake in Israel’s Tamar gas field and a 3% share in the SARB and Umm Lulu offshore oil projects in Abu Dhabi—signal its growing ambitions beyond Azerbaijan’s borders.
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BP plans to drill 19 wells at the Azeri-Chirag-Guneshli (ACG) oilfield block in 2025, maintaining its drilling activity at the same level as in 2024, a senior company executive said on Tuesday.
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