The National Depository Center has signed two contracts with a new company from Hong Kong, Mitchell Contracts Limited for about $ 100,000 (81,000 manat).
The company, established in December of last year will be specialized in IT support to NDC to improve its discounts, as well as create a system of conducting an official register of all types of collateral securities. Pledge of securities in Azerbaijan is not popular in Azerbaijan: five months of this year recorded only 5 mortgage securities transactions.
In addition, since the beginning of the year the NDC signed several contracts with Air Gold Company Inc and White Road Networks Ltd for the purchase of consulting services to mobilize expertise and technical support in excess of 100,000 manat. Similar purchases were made in previous years.
Audit of the financial activities of the central depository of Azerbaijan in 2011-2013 carried out independent auditor Namik Abbasli. In the period 2011-2012 these services cost about 14 thousand manats. This year the NDC increased fee auditor during the 2013-2014 year to 17,000 manat.
Financial and technical support to improve the depositary and automation of trade and settlement operations provided the European Union, and other institutions. Currently under the World Bank the project "Modernization of the capital market" is realized, also providing for improvement of this system. - 08D -
Economics
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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Shareholders of the Caspian gas condensate "Absheron" project plan to approve the Front End Engineering Design (FEED) in December, laying the groundwork for full-scale development of the field, an informed source told Turan.
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In 2024, Europe will receive approximately 12.5 billion cubic meters of gas from Azerbaijan, with the list of buyers expanding to 12 countries. Speaking at an energy forum in Istanbul on Friday, SOCAR President Rovshan Najaf announced that cooperation with a 12th, new gas buyer would begin in December.
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