Foreign Investors Not Profitable in Azerbaijan
Foreign companies are reducing their activities in Azerbaijan – the Ministry of Taxes of Azerbaijan informs on the latter two cases. The company Commonwealth Oil & Gas Company (USA) is closing the local office. Its lenders are asked to contact within 60 days to the address Baku, Sabail district, A. Zeynalli Street 14.
The local branch is also eliminated by the Irish company Merton Investments Ltd, inviting creditors to submit claims within 60 days to the address: Baku, Khatai District, Yusif Safarov Street, 1. --17D-
Economics
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Azerbaijan is set to significantly increase the proportion of electricity generated from renewable sources, currently standing at 14.4%, Deputy Economy Minister Samad Bashirli announced on Thursday at the Think Tanks Forum of the Organization of Economic Cooperation (OIC) held in Baku.
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Azerbaijan has entered into a partnership with Italian energy firm Technip Energies SpA to implement a pyrolysis oil production project aimed at enhancing waste recycling and promoting sustainable development, officials said on Tuesday.
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Belarus and Azerbaijan signed multiple cooperation agreements on Tuesday following talks between Belarusian Prime Minister Roman Golovchenko and Azerbaijani Prime Minister Ali Asadov during Asadov’s official visit to Minsk on October 3.
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Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
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