The government will pay Greek for the assets of the distribution company DESFA, acquired in the tender in June of this year by the State Oil Company of Azerbaijan (SOCAR), said Vice -President of SOCAR for Economic Affairs, Suleyman Gasimov, during a meeting with companies-members of the Caspian-European Integration Business Club (CEIBC.)
Suleymanov explained that the purchase of Greek assets for 400 million euros will be provided by the increase of SOCAR’s capital.
SOCAR considers that from the terms of the investment project, the company DESFA is very attractive and profitable, what will allow to recover the invested funds, and bring additional funds to the state treasury.
The final decision of the European Commission to transfer SOCAR the control over 66 percent package of shares of the Greek operator of the gas transmission company DESFA will be made in the second quarter of 2014.
SOCAR offered 400 million euros for the purchase of 66 percent of the shares (31 % of the shares of the State Privatization Fund and 35 % of the shares of a private company "Hellenic Petroleum".) --12C--
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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