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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The Baku International Sea Trade Port, a critical link in the Middle Corridor connecting East and West, handled 7.6 million tons of cargo in 2024, marking a 3.2% increase from the previous year. This growth underscores the port's expanding role in global trade and its significance as a transit hub for countries such as China, Turkey, Georgia, Iran, and Russia.
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Azerbaijan’s state oil company SOCAR has acquired a 3% stake in the offshore SARB and Umm Lulu concession in the United Arab Emirates (UAE) from Abu Dhabi National Oil Company (ADNOC) for $285 million, marking a significant step in deepening energy ties between the two nations. The transaction, completed in May 2024, was completed in January 2025.
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The Baku Small and Medium Business (SME) House and the Miniboss Business School have signed a memorandum of understanding aimed at developing entrepreneurial skills among children, the Small and Medium Business Development Agency (KOBIA) reported on Monday.
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