
The forms of licenses approved
On 5 August the Cabinet approved form of license blanks of the general license, and specific licenses and their applications. The government also approved the procedure for issuing orders for production and distribution, the use of accounting and reporting license forms. The list of licensed activities was approved on April 20 this year. Total, 29 kinds of activities should be licensed. On 15 March, this year the parliament passed a law on "Licenses and Permits". In Azerbaijan licenses are issued by the Ministry of Economy "ASAN Xidmet". 08D
Economics
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The EBITDA (earnings before interest, taxes, depreciation, and amortization) of the State Oil Company of Azerbaijan (SOCAR) has been declining in recent years, as reflected in reports by international rating agencies and the company’s own financial statements. SOCAR’s financial report for 2024 is expected in the summer of 2025, but preliminary data from Fitch Ratings indicates a further decline in the figure.
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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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