CJSC Ekol Muhendislik Khidmetleri published the annual and financial reports (http://goo.gl/jo0GTd) for 2015, according to which, the company's loss decreased by 37% compared to the year 2014 and amounted to 1.4 million manats.
In 2015, revenues for environmental services in Azerbaijan totaled 9.4 million AZN, 23% less than in the previous year. Operating losses for the year reached 3 million manats. However, due to the equity of the company AAS-Ekol in the income in the amount of 1.5 million AZN, the consolidated loss of Ekol Muhendislik Khidmetleri declined by about half.
In 2014-2015, the company’s undistributed profit fell from 11.2 million to 7.5 million manats.
CJSC Ekol Muhendislik Khidmetleri was established in 2006. Its shareholders are SOCAR - 51% and Lancer Services S.A. (Panama Republic) - 49%. Nothing is known about the founders of Lancer Services S.A. This is not mentioned on the http://lancer-sa.com/ corporate website. From this resource it is clear that it operates only in Azerbaijan. The Panama registry has no information about that, either (http://www.panamaregistry.org/lancer-services-s-a).
Recently, an international network of investigative journalists released documents on offshore companies in Panama, under the name of the notorious Panama Papers. The name Lancer Services S.A. is not present in them yet. ----08D
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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