New investments were made to the capital of SOCAR Polymer Investments LLC. After the increase, the company's paid-in capital reached 138.4 million manats.
In June 2015, AZN 101 million was contributed to the capital of this company, exactly as much as the authorized capital of SOCAR Polymer LLC (July, 2013). However, unlike the second one, the founders of SOCAR Polymer Investments LLC do not report anything. The only source of SOCAR's participation in SOCAR Polymer LLC is the issue prospectus of corporate bonds of SOCAR, where it was noted that the oil company owns 71% of the unit. In April 2015, SOCAR informed (https://goo.gl/QgGmG1) that the number of the founders of SOCAR Polymer LLC is comprised of the three leading holdings of the country - Pasha Holding, Azersun Holding and Gilan Holding.
LLC SOCAR Polymer is a resident of the Sumgait chemical industrial park. The construction of the company is allocated 30 hectares of territory. The volume of investments is estimated (https://goo.gl/WzmprW) in 700 million euro. Commissioning of the plant is expected in 2018.
SOCAR Polymer LLC will annually produce 180 thousand tons of polypropylene by Canadian technology and 120 thousand tons of high-density polyethylene based on Austrian technology. The enterprise will use local raw materials produced in Sumgait - propylene and ethylene. ---08B
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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