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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Under the golden September sun, the Third Grape and Wine Festival took place in Shamakhi, in the village of Meysari on September 7-8, 2024, drawing wine enthusiasts and tourists alike to celebrate Azerbaijan’s ancient winemaking traditions. Organized by the State Agency for Tourism, the festival highlighted the country’s efforts to rejuvenate its viticulture industry, with a focus on boosting local production and expanding export opportunities.
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Azerbaijan has spent over $1.6 billion on large-scale infrastructure projects, including the Crystal Hall for Eurovision, the Olympic Stadium in Baku, and the Shahdag ski resort. But according to Fikret Mamedov, a graduate of London Business School and director of Sage Solutions, this spending has not provided long-term benefits for the country’s economy.
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On September 6, the State Oil Company of Azerbaijan (SOCAR) has announced a partnership with American oilfield services firm Halliburton to conduct research aimed at reassessing the hydrocarbon potential of the shallow-water section of the Guneşli field.
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