Representation of A.P. International LLC (the US state of Rhode Island) announced its closing in the governmental media on 22 February. The company, which opened an office in Baku in 2005, has not reported on the reasons.
The company holds a 49% stake in the company SOCAR-Petroleum. The joint stock company was established in 2008 with the participation of the state-owned oil company and is engaged in import and sale of petroleum products and so on business.
Representative of the company in Azerbaijan was Togrul Seyidov, who also directs the company SOCAR-Petroleum.
Today, the closure of the joint venture Azerbaijan Turkiye Baku Insaat was also announced. It operated since 2005, and had a paid-up share capital in the amount of $ 425 thousand. ---08B
Economics
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Azerbaijan's Cabinet of Ministers has approved amendments to the list of strategically important goods in the country's consumer market, as outlined in Decision No. 136 dated April 27, 2023. The update aligns with the implementation of the Law on State Reserves and a corresponding presidential decree, the government announced on Thursday.
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Representatives of Azerbaijani and Latvian business circles convened in Baku for the "Azerbaijan-Latvia Information and Networking Meeting," marking a significant step in bolstering economic cooperation between the two countries. Latvian Ambassador to Azerbaijan, Edgars Skuja, underscored the event’s mission to connect entrepreneurs from both nations, aiming to enhance collaboration across multiple sectors.
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The President of Azerbaijan approved the amendments on November 7, which were made to the “Law of the Republic of Azerbaijan on Credit Bureaus” by the Milli Majlis. The text of the amended law was published on November 28.
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The European Bank for Reconstruction and Development (EBRD) has released its Transition Report 2024-25 for Azerbaijan, urging the country to take bold steps to improve economic governance and foster private sector development. The report outlines key priorities for Azerbaijan’s economic trajectory and highlights challenges stemming from its reliance on volatile energy markets.
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