The State Oil Company of Azerbaijan (SOCAR) denied the information widespread in a number of local media about the upcoming massive reduction in the departments Azerigaz and Neftgaztikinti in 2015 due to the falling oil prices.
Turan was told in the Department of Human Resources of SOCAR that in both structures currently on the agenda are issues of personnel changes, as well as certain cuts. However, all this has no relation to the fall of oil prices, or any financial problems of the company. This process is a continuation of the improvement process of structural reforms, which began in the first half of 2014.
Thus, SOCAR transfers Azerigaz from a three-stage to a rapid two-stage control system. To this end local gas control systems are replaced with regional ones. Naturally, the overlapping staff will be canceled. The second question relates to the automation system gas sales at Azerigas. Given that 70% of the gas is sold for smart cards, the need for a large number of supervisory staff has disappeared. Quite naturally, Azerigaz must be optimized in accordance with the requirements of the time, since this structure had a large amount of work in the period of 2011-2014, most of which has already been completed.
With regard to the Trust Neftegaztikinti, here we have structural reforms in the field of management. This trust with multiple erection departments will be transferred from a three-tier to a two-tier system to optimize the management. -12B04-
Economics
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The Chairman of the Central Bank of Azerbaijan (CBA), Taleh Kazimov, recently hosted a high-level delegation led by Elisabetta Falcetti, the Executive Director for Turkey and the Caucasus at the European Bank for Reconstruction and Development (EBRD). The meeting, held in Baku, focused on key initiatives to bolster the sustainable development of Azerbaijan’s financial sector and expand access to financing for the country’s real economy. Among the most pressing topics was the EBRD's support for Azerbaijan’s ongoing green transition.
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Recently, the prices of certain food items have increased in Azerbaijan. This is also reflected in the data released today, September 11, by the State Statistics Committee (SSC). It was noted that in August, compared to July, there were price increases in rice, beef, lamb, sausage products, butter, olive oil, and onions.
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From January to August 2024, Azerbaijan’s retail trade network saw sales reach 37.2 billion manats, with consumers spending 20.6 billion manats on food products, beverages, and tobacco, and 16.6 billion manats on non-food items. This growth comes as retail turnover increased by 3.5% in real terms compared to the same period last year, according to data from the State Statistics Committee.
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Azerbaijan's industrial output from January to August 2024 reached 42.4 billion manats, driven by contributions from both industrial enterprises and individual entrepreneurs. However, despite this robust performance, shifts within key sectors highlight the evolving dynamics of the nation's economy.
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