In last week's methanol plant (AzMeCo) of Azerbaijan (in Garadagh district of Baku) has suspended its activities. Representative plant Hatamov Fuad said that the plant has suspended operations due to the cessation of gas supplies by SOCAR. Natural gas is the main raw material for the plant.
However, both told the agency Turan in SOCAR, AzMeCo did not want to pay for the raw materials used at the market price.
Yesterday, the local press reported that the owner AzMeCo Nizami Piriyev detained by law enforcement agencies in Baku. The Court chose to regard a measure of restraint in the form of arrest for a period of 4 months. According to information Piriyev accused of fraud and embezzlement of public property.
Methanol plant began production only in 2014. Last year the plant has exported 100 thousand methanol. Company products in the local market is not realized. Among the clients of the plant as BP International.—0--
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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