Validity of Loan Agreement with ING Bank N.V. Extended
At the May 18 general meeting of shareholders of OJSC Uni Bank a deal of special significance was approved. It is a term loan agreement with ING Bank N.V. (Netherlands) in the amount of 15 million USD, signed on November 13, 2014. By the decision of the shareholders, permission was given for extension of the agreement until November 15 of this year.
According to Article 99.3 of the Civil Code, deals of special significance (such deals are in excess of 25% of the company's own assets) are subject to approval by the shareholders, as well as published.
This legal provision has been in force since 2004. But the majority of joint-stock companies do not adhere to it.
From this year corporate information subject to disclosure should be posted in the electronic disclosure system (https://disclosure.az/) controlled by the Financial Market Control House. ----08D
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- Politics
- 23 May 2016 16:39
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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