Closed Para Bank will be transformed into a non-bank credit organization, said the Financial Markets Supervision House (FMSH).
The report noted FMSH so agreed and the Board of Directors discussed the action plan.
The bank's license was canceled by the decision of the FMSH Board of Directors of 21 July 2016 based on the FMSH appeal to Baku Administrative Economic Court to force the closure of the bank.
Wafa Habibzadeh being the owner of the bank asked the appeals court to cancel the decision of the administrative-economic court. On October 25 the Baku Court of Appeal dismissed the appeal from Para Bank’s owner.
As of October 25, the Deposit Insurance Fund compensated the depositors of the bank 32 million 936 thousand manat. ----71D
Economics
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The first Russian-Iranian joint LNG plant is planned to be built in the Chelyabinsk region by 2027, as reported by Nikolai Isakov, Vice President and Executive Director of the Russian Gas Society. The joint venture will be developed by Kriogaz Chelyabinsk (Russia) and North-South Corridor Development Group (Iran).
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The Southern Gas Corridor (SGC) will expand by at least 1.2 billion cubic meters per year starting from January 2026, thanks to the capacity increase of its European segment, the Trans Adriatic Pipeline (TAP). By this time, the potential for transporting a blend of hydrogen with other low-carbon gases through TAP is expected to become clearer.
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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