The State Oil Company of Azerbaijan (SOCAR) has signed with the company Neste Jacobs (Finland) a contract for the provision of advice on management and inspection services for the project of construction of an urea plant in Sumgait.
According to the State Procurement Agency, the company was selected by tender. The Finnish company has estimated its services in 14 419 552 manat.
The SOCAR urea plant has been under construction since December 2011. The general contractor since 2013 is Samsung Engineering Co., Ltd (South Korea). The plant construction project is estimated at $ 500 million and is funded by the state budget.
Under the project developed by the Danish and Dutch companies, the annual capacity is 1,200 tons of ammonia and 2,000 tons of urea per day. It is expected that the plant will be commissioned in late 2016. ----08B
Economics
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Azerbaijan’s consumer price index (CPI) for the period of January to August increased by 1.3% compared to the same period in 2023, marking a period of moderate inflation in the country. According to the State Statistics Committee, the overall CPI for the eight-month period reached 101.3%, with various sectors showing mixed inflationary pressures.
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Azerbaijan has witnessed a significant rise in the average nominal monthly wages of salaried workers, with an 8.3% increase recorded from January to July of this year compared to the same period in 2023. According to data released by the State Statistics Committee, the average nominal monthly salary reached 1,002.4 manats, as the country experiences both economic growth and sectoral shifts.
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The Chairman of the Central Bank of Azerbaijan (CBA), Taleh Kazimov, recently hosted a high-level delegation led by Elisabetta Falcetti, the Executive Director for Turkey and the Caucasus at the European Bank for Reconstruction and Development (EBRD). The meeting, held in Baku, focused on key initiatives to bolster the sustainable development of Azerbaijan’s financial sector and expand access to financing for the country’s real economy. Among the most pressing topics was the EBRD's support for Azerbaijan’s ongoing green transition.
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Recently, the prices of certain food items have increased in Azerbaijan. This is also reflected in the data released today, September 11, by the State Statistics Committee (SSC). It was noted that in August, compared to July, there were price increases in rice, beef, lamb, sausage products, butter, olive oil, and onions.
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