State Oil Company of Azerbaijan (SOCAR) has sold its share in Star media holding. Nizameddin Guliyev, chief of SOCAR Public Relations Department , confirmed this fact. He said” SOCAR is an international business company, which depending on the economic efficiency buys various assets and in case of economic benefit sells them.”
He said the issue of sale of the share depends on the fluctuation of the market value of the assets and their economic efficiency.
According to information distributed by Reuters on Saturday, SOCAR has been negotiating with Turkish businessman Fettah Tamince to sell 50% share in the local media holding Star.
“We have started talks to sell 50% share owned by SOCAR in the holding. If the talks are successful, we will fully leave that market to concentrate on the biggest projects in the country,” said Kenan Yavuz.
Star media group, which is a joint ownership of SOCAR and businessmen Ethem Sancak and Fettah Tamince, includes the newspaper by the same name and several TV channels. Tamince and Sanjak are known for their close relationships with Turkish Premier Rejep Tayyip Erdogan and the ruling party.—0—
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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