The monopolist in the steel market in Azerbaijan Baku Steel Company (BSC) with a production capacity of 770 thousand tons continues to strengthen its positions in Sumgait Tube Rolling Plant - JSC Azerboru.
In parallel, work is under way to privatize the company, the results of which are not hard to guess. Recently, JSC Azerboru was created and Oktay Rafiyev was appointed the CEO. Before that Rafiyev held senior positions in the LLC Baku Steel Company. After the raider capture in 2011 of Baki Poladtoktme Rafiyev was moved by Baku Steel Company back to the post of Director General.
In September, the State Committee on Property suddenly appointed as the Chairman of the Board of JSC Azerboru Hasan Muradov, who still holds the position of Director of Commercial Department of Baku Steel Company LLC.
BSC's plans for the further activity of Azerboru are not yet known. This year, the production of pipes at the plant has declined significantly. If in 2011 the production reached 98,000 tons, during this period of the year they produced more than 60,000 tons. A source in the JSC told Turan they received orders from Russia and Kazakhstan for the delivery in 2013 of 60,000 tons of threaded pipes and 46,000 tons of pipes for general use. - 08B-
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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