An investment competition for sale of 99.83 % stake (3,766,106 shares) of "Sumqayit Superfosfat", created on the basis of Sumgait superphosphate plant has been announced. Efforts are undertaken since the sale of the business in June 2005 . And in November 2012 the company has lost about half is in its use of the land.
In addition to the investment program for rehabilitation of the enterprise , production of products that are required on the local market and export destination , applicants must submit a proposal for the transfer to the state budget as a bonus of 1.5 million manat. In addition, the company has commitments totaling 1.765 million manat.
By decree of President Ilham Aliyev on the establishment of LLC High-Tech Park - YT Parki, last year 30 hectares of land of the 62.4 ha JSC Sumqayit Superfosfat were taken away. Under the buildings were 17.9 hectares. Also partly demolished was the manufacturing and other facilities. Nevertheless, the authorized capital stock was kept at the same level - 7.545 million manat.
Over the last 3 years the economic activity of the superphosphate plant existing since 1956 has worsened, as evidenced by the reduction of employees from 540 to 251 people.
Tender proposals are accepted until October 1st. - 08D-
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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