On Tuesday the President Ilham Aliyev participated in the opening of a factory in the city of Sumgait for oil production under “Industrial Park Azersun.” The raw material for the factory is vegetable oil imported from Spain, Portugal, Ukraine , Argentina, and Brazil. The capacity of the factory will be 270,000 tons of oils , including corn, sunflower , margarine , melted , chocolate and mayonnaise.
It is proposed to export oil to Georgia , Iraq , Tajikistan, Kazakhstan , Turkmenistan, and others states. The factory will employ 250 people, and in the future the number of jobs will be 700.
Then Aliyev opened a factory for the production of paper and paperboard, which is also under the “Industrial Park Azersun.” Annually the plant will process about 50 tons of paper.
Ninety per cent of the raw material will be blank paper and paper waste. Thirty points will be opened for the collection and preparing paper wastes at the capacity of 60-70 tons will open all over the world. -06D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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