OJSC VTB Bank (Azerbaijan) has received a subordinated loan from the head of Vneshtorgbank (Russia). The amount of the investment is 300 million rubles (the equivalent of 6.2 million manats), the information from VTB Bank (Azerbaijan) says. The funds are provided for the period of 7 years for the growth of the total capital of the local financial agency.
"The funds raised are an indication that VTB Bank (Azerbaijan) can always get support from the parent company. The increase in total capital will maintain the pace of business development and expand opportunities for lending," the press release cites the Chairman of the Board of VTB Bank (Azerbaijan), Yuri Yakovlev.
The acquisition of 51% of the local AF Bank by Vneshtorgbank was approved by the Central Bank of Azerbaijan in November 2008. The remaining 48.99% is owned by Ata Holding, while 0.01% belongs to an individual. --17D-
Economics
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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Shareholders of the Caspian gas condensate "Absheron" project plan to approve the Front End Engineering Design (FEED) in December, laying the groundwork for full-scale development of the field, an informed source told Turan.
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In 2024, Europe will receive approximately 12.5 billion cubic meters of gas from Azerbaijan, with the list of buyers expanding to 12 countries. Speaking at an energy forum in Istanbul on Friday, SOCAR President Rovshan Najaf announced that cooperation with a 12th, new gas buyer would begin in December.
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