Employees of Azerboru Cannot Get Wages
«For three months, we have not been given the already low wages. At the same time 95% of the employees were released on forced vacation." This is stated by a group of workers of Sumgait Pipe Plant - JSC Azerboru.
The workers say that since March this year their nutrition has been suspended. Wages at the plant are average 250 manat.
In the summer of 2013 the government privatized a 97.39% stake in JSC Azerboru, which was acquired via the investment contest by LLC Baku Steel Company. The company has committed to invest in the company 5 million 267 thousand manat.
Idle since May, the pipe plant has more than 1,100 employees.
A spokesman for LLC Baku Steel Company Namig Akhmedov told Turan the company is in financial difficulties. However, they are looking for ways of repayment of wages to the employees of the Sumgayit enterprise. -----08B
-
- Economics
- 30 July 2015 12:48
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review