The Executive Director of the State Oil Fund (SOFAZ) Shahmar Movsumov was re-elected to the Supervisory Council of VTB Bank, where from June 28, 2013 he has served as an independent member.
According to Russia's second largest bank, during the voting, he scored 13.3 trillion of votes (number of shares). The fact that the Chairman of the Supervisory Board with 9.1 trillion vote was the Russian Economic Development Minister Alexei Ulyukayev, and no one got more votes than Movsumov says that the share of SOFAZ in VTB is great.
As of 1 January 2015, the fund's investment portfolio in the Russian economy is estimated at the current rate of $ 568.2 million and 1.5% of its total investment portfolio. Additionally, SOFAZ holds 2.95% stake in VTB.
OJSC VTB Bank is presented in Azerbaijan through its subsidiary JSC VTB Bank (Azerbaijan) presented by 14 branches and customer service at the Office headquarters. --17D-
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review