Tender has been announced for the selection of an insurer for the administrative building of the State Oil Fund of Azerbaijan (SOFAR).
According to the Fund, the responsibilities of the potential winner include compulsory insurance of the new building of the Fund in Baku (22-storey building) and all the technical facilities (boiler room, electrical substation, heating and cooling systems), insurance of movable property, as well as mandatory insurance of real property operations.
Companies interested in participating in the tender have time until November 25, 2014 to submit their proposals accompanied by a bank guarantee in the amount of 1% of the tender value. The tender procedure will be held on November 26.
SOFAR was established by the decree of President on December 29, 1999 and is a non-budget state institution accountable to the President. It accumulates revenues from the realization of oil contracts, in particular, from the sale of profit oil and gas of the state, transit tariffs for the transportation of oil and gas in the country, from the lease of state property and so forth. --17D-
Economics
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On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
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The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
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Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
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Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
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