Azerbaijan adopted the State Program of development of the shipping company in 2016-2020. The document provides updated trade and auxiliary Oil Fleet of the Azerbaijan Caspian Shipping Company for the purpose of organization of cargo transportation in the Caspian Sea and other seas in accordance with international standards.
According to the program, as a result of its implementation, the public shipping company is formed as an influential commercial entity financed independently of the state, which will provide an increase in transit freight traffic through the territory of Azerbaijan.
The source of financing of CJSC Azerbaijan Caspian Shipping Company in addition to its own funds will be loans received directly or under state guarantees, released securities and the sale of non-core assets. Strategic projects of national importance will be financed from the state budget.
In the next 2-4 years the Zykh and Bibiheybat shipyards will be also upgraded. ----08D
Economics
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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
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