A decree amending the Charter of the State Oil Company of the Azerbaijan Republic was signed by President Ilham Aliyev on 26 February. According to the changes, the Council, which operated under the SOCAR President, is transformed from a deliberative entity into a collegial management body. The Council under the President of SOCAR will include Vice Presidents, as well as other officials. At the same time, the Council meetings will be held under the chairmanship of the President of the state company. In addition, according to the changes in the Charter, members of the SOCAR Council and heads of departments should provide written information to the collegial body of the transactions concluded with entities, in which they participate directly or indirectly. Also subject to reporting is information on transactions concluded by close relatives of these persons. The circle of relatives includes the husband (wife), the parents, the parents of the husband (wife), the grandparents, the children (adopted children), and the siblings. -06D-
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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