President Ilham Aliyev returned to parliament for revision the amendments to the law "On Currency Regulation" adopted on 19 January. According to the assistant to the president office on economic reforms, the President withdrew the document after "numerous requests from entrepreneurs and investors."
The essence of the amendments was tightening and restricting the transfer of funds abroad, which provided the retain of 20% from the transfer of $50,000 abroad for buying a real estate. The amendments have been criticized by the international financial community. The Minister of Finance Samir Sharifov urged in economic feasibility of tightening.
The MP Fazil Hajiyev said the decision of the president the right step. According to him, initially the head of state " was misinformed", and the establishment of restrictions on the export of capital deterred investors. According to Hajiyev, the Parliament, is likely to cancel all the changes made previously. -16D06-
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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