Six Companies Announce Plans to Leave Azerbaijan
Baku / 20.0917 / Turan: Six foreign companies announced the liquidation of their branches and subsidiaries in Azerbaijan on September 20. All of them were established in 2013-2016, the Ministry of Taxes said.
The company Obermeyer Project Management GmbH" (Germany) opened a branch in Baku in 2013. A year earlier, it won a tender for the development of design estimates and consulting services for the management of construction works of the new administrative building of the State Property Committee. The value of the contracts amounted to 2 million 598.7 thousand manat (http://www.bizimyol.info/news/66715.html).
Another German company, Heidelberg Cement AG, opened its branch in Azerbaijan after signing an agreement on partnership with the largest Azerbaijani holding company. It received a 50% stake in the Gazakh cement plant of the construction and production corporation Accord. After this agreement, the authorized capital of the cement plant was brought up to 800 million manat. The reasons for the closure of the branch are not yet reported.
Closed also are Tech Offshore Marine Azerbaijan LLC, Tech Electrics and Automation Azerbaijan LLC, Compass Offices Management Azerbaijan Limited LLC and a subsidiary of Compass Development Holdings VII Limited. ------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