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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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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