The Ministry of Taxes of Azerbaijan registered the oil and gas refinery and petrochemical complex (OGPC) of the State Oil Company (SOCAR).
According to the ministry, the registration was May 30. Earlier SOCAR vice president for strategic development Tofig Qahramanov told reporters that the company plans to begin construction of OGPC in the Garadagh district of the capital in 2015, with its putting into operation in 2023-2025, respectively. The complex will include a gas processing, oil refining and petrochemical plants.
Estimated cost of the OGPC construction is estimated at $ 14.4 billion, local practice corrects assessment in favor of overpricing 1.5 to two times. -17D-
Economics
-
Azerbaijan has marked a historic milestone in its food trade, recording unprecedented levels of food imports in 2024. According to the State Customs Committee, food imports for the first eleven months of the year rose by 10.8% compared to the same period in 2023, reaching $2.19 billion. This is $213.9 million higher than last year’s figure of $1.98 billion, underscoring a sharp increase in domestic demand.
-
In December this year, the State Oil Fund of the Republic of Azerbaijan (SOFAZ) marked its 25th anniversary, highlighting its pivotal role in shaping the country's economy since its establishment in 1999. The milestone was commemorated at a gathering titled "From National Wealth to Sustainable Development" on December 24, attended by SOFAZ staff and key stakeholders.
-
The Central Bank of Azerbaijan (CBA) has introduced new 3-qapik coins. Previously, updated coins of 1, 5, 10, 20, and 50 qapik denominations were also issued. According to the bank's press service, the reverse side of the new coin features the emblem of the Republic of Azerbaijan and the year of minting, while other design elements and technical specifications remain unchanged. The new 3-qapik coins will circulate alongside the existing currency.
-
Azerbaijani President Ilham Aliyev signed a decree on Monday aimed at improving social welfare, increasing the country’s minimum monthly wage to 400 manats ($235) starting January 1, 2025.
Leave a review