The latest investments of Palmali Group of Companies began to annoy certain people and organizations. Therefore, they shifted from Azerbaijani websites and started to publish false news on small-scale Turkish websites in order to refer to them later as a source. Such kind of false news is made on purpose to damage our reputation and create problems to us. We know exactly who is behind all this. Palmali Group of Companies does not cooperate with any sanctioned country and will never do it in future. We are opening a new office in the USA, the process is close to completion. We work transparently and within the framework of law. That is why we are in the list of the largest and most reliable companies in the world. How can a sanctioned company open an office in the USA? None of mentioned ships belongs to Palmali Group of Companies. ®
Economics
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In a significant development for the North-South international transport route, exploration work on the Rasht-Astara railway section, which will connect Azerbaijan and Iran, is scheduled to begin in June 2024. This announcement was made by Dmitry Zverev, the Deputy Minister of Transport of the Russian Federation, during the XV International Economic Forum "Russia – the Islamic World: KazanForum 2024," as reported by TASS.
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Azerbaijan’s once-burgeoning oil revenues are on the decline, posing a significant challenge for the nation’s economy. The State Oil Fund of Azerbaijan (SOFAZ) is projected to receive approximately $5 billion from oil sales this year, a sharp drop from previous years. In 2022, buoyed by high oil prices, revenues surged to about $10 billion. However, last year’s figures dipped to just over $6 billion, and further declines are anticipated due to decreasing production.
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Aliya Asimova, representative of the International Finance Corporation (IFC) in Azerbaijan, outlined the organization's renewed focus on combating climate change during her address at the business forum "Raising Ambitions and Stimulating Activities: Forum Sustainable Business COP29."
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Azerbaijan has unveiled ambitious plans to curb greenhouse gas emissions and propel its economy towards sustainable growth. Minister of Ecology and Natural Resources Mukhtar Babayev delivered this proclamation during the esteemed forum "Growing Ambitions and Incentives for Action: COP-29 Sustainable Business Forum."
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