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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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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