Two foreign companies providing services in the oil and gas sector announced closing of their branches in Azerbaijan. This is reported by the Ministry of Taxes, i.e. a state body for the registration of commercial entities.
The Norwegian service company Acona Holding Vellpro AS has been operating in Azerbaijan since 2010, when it opened its branch. Then the company was named Acona Vellpro AS.
A branch of the Scottish TTE-Petrofac Limited Company, which opened the Caspian Technical Training Center in Baku, has also closed. The branch operated since 2004. In 2007, LLC TTE Petrofac Limited was established in Baku, and it also ceases to operate. The reasons for this step are not reported. -----9B
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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