State Has No Ginneries Left
At the 22nd auction the State Committee for Property Affairs (SCPA) sold 974.1 thousand shares of two ginneries (JSC Qarabag Pambiq and JSC Saatli Pambiq).
30% packages shares of these JSCs were sold at 50% of face value (AZN 2). Thus, from the sale of shares the state budget will receive 974.1 thousand manat.
In general, in the course of the three auctions in November 2,434,165 shares of six cotton companies were sold.
In September and October SCPA sold blocking stakes in 7 cotton JSCs. 70% share holdings of cotton enterprises were sold in the first State Privatization Program in 1997.
SCPA completed the sale of shares in cotton companies and now all 19 ginneries are owned by private individuals. Control of a minimum of 14 factories is owned by the group of companies MKT Istehsalat Kommersiya, two plants in the Kurdamir and Agdam regions have been privatized by their former Directors, etc. ------08B
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review