Last week SOCAR and Itochu Corporation have held talks on the perspectives of participation of the Japanese company in the project of creation of a new gas refining and petrochemical complex (OGPC) in Azerbaijan, reported SOCAR.
SOCAR reported that this issue has been discussed at the meeting between the SOCAR delegation led by its President Rovnag Abdullayev and Itochu Senior Vice President, chairman of the Japanese-Azerbaijani Committee on Economic Cooperation Yoichi Koibashi and Itochu Executive Director Takashi Yasuda.
SOCAR’s President Rovnag Abdullayev has also had a meeting with Isao Iiidzima, Envoy for Special Affairs of Japanese Premier, during which he has expressed interest of participation of the Japanese companies in the projects implemented in Azerbaijan. Total cost of the OGPC Phase 1 is estimated at $7 billion ($8.45 billion considering credits interest rates).—0-
Economics
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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Azerbaijan Railways CJSC (AZD) transported 713,699 passengers in January 2025, marking a 15% increase compared to the same period last year, the company said on Tuesday.
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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