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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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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