Five more insurance agents have been deprived of their perpetual licenses for professional activity.
According to the information on the site of the State Insurance Supervision Service under the Finance Ministry of Azerbaijan, the Ministry's decision is based on their own statements. The list includes Javad Babazadeh, Siyavush Alizadeh, Fuad Hagverdiyev, Murad Niftiyev and Sabir Suleymanov. Thus, from the beginning of the year the licenses of 200 insurance agents from the 1,140 have been canceled.
Recall, now there are 940 insurance agents (61,879 legal entities and natural persons) and 19 insurance brokers (8 legal entities and 11 individuals) in Azerbaijan. On the medium European standards it is a bit, but the quality of services of many intermediaries does not meet the requirements. For this reason the Association of Insurance Companies of Azerbaijan prepares the "black list" of this category of the insurance market. The list is prepared with the purpose of informing about unreliable insurance intermediaries having large debts to customers, providing false information and having other shortcomings. --17D-
Economics
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BP, the operator of the Shah Deniz gas condensate field, announced on Sunday that production from the Shah Deniz Alpha platform resumed on the evening of January 18. This followed the complete resolution of a technical issue with the subsea condensate export pipeline between the Shah Deniz Alpha platform and the Sangachal terminal.
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SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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