SCIP Signs Three Contracts on Two Industrial Parks
LLC Sumgait Chemical Industrial Park (SCIP) has signed three contracts for works on the territory of SCIP and Mingachevir Industrial Park (MIP) managed by it.
According to published information, LLC IMA-Energy on 28 October was awarded a contract for the installation of an internal power supply on the territory of 94.13 hectares in SCIP and power lines up to the industrial park and the construction of a substation here.
Ltd. M-NAF will construct all the remaining necessary utilities on 94.13 hectares in SCIP.
Litosfer LLC will engage in the demolition of old buildings and structures, as well as the alignment of 14.8 hectares of land area allocated to MIP.
SCIP, contrary to law, does not report on the amount of the contracts. SCIP Ltd. is managed by the Ministry of Economy that has control over the public procurement. Commenting on the actions of SCIP and other state organizations, which do not disclose the details of the necessary state-funded contracts, the Ministry of Economy said that at the training they recommend their members to fulfill the requirement of placing comprehensive information about the results of procurement. But this requirement is still not adhered to by many of them, even those subordinate to the very ministry. -----08D
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review