Latest News

World OIL PRICES beat records

The price of Brent crude for July delivery for the first time since November 26, 2014 exceeded $78 per barrel. As of 19:00, futures for Brent crude oil increased by 1.31% – to $78.13 per barrel,...

AZERBAIJAN’S FOREIGN DEBT GROWING RAPIDLY

“If things continue like this, foreign debt will reach the level of the GDP by 2020” According to the 2017 report of the Cabinet of Ministers, creditors owning 93.9% of liabilities of the ...

Germany became AZERBAIJAN’s guarantor for BILLION DOLLAR LOAN

To ensure the supply of natural gas from Azerbaijan, the German government intends to provide a loan guarantee for a large loan of an Azerbaijani state enterprise in a German bank. As the German media...

STATE-OWNED COMPANY BUYS MAJORITY IN AZERCELL SHARES

AzInTelecom, a company belonging to the Ministry of Transport, Communications and High Technologies, has acquired a 51.3% share of Azertel, parent company of Azercell. Investing around 222 mn euro, th...

FITCH REVISED AZERBAIJAN’s CREDIT RATING FROM “NEGATIVE” TO “STABLE”

The international rating agency Fitch revised Azerbaijan’s credit forecast from “negative” to “stable”, confirming its credit rating at “BB +”. In a February ...

AZERBAIJAN STATE OIL FUND RECEIVED $450M

The State Oil Fund of Azerbaijan (SOFAZ) has received $450 million as the first part of a $3.6 billion bonus from the consortium of oil companies developing the Azeri-Chirag-Deepwater Gunashli (ACG) f...

RUSSIAN BANK WILL INCREASE ITS CAPITAL IN AZERBAIJAN

Russia’s second-largest state-owned bank VTB plans to increase the capital of its Azerbaijani subsidiary by 265 million manats in the first quarter of 2018, VTB said in a statement, reports Fina...

PUBLIC FUNDING GOES THROUGH LEVELS OF CORRUPTION IN AZERBAIJAN

The Executive Authority of Absheron District spent a total of 12.7 million manats from the state budget in 2011-2017 on the substantial renovation of apartment buildings in Absheron District. One of t...

2.5 MILLION TOURISTS VISITED AZERBAIJAN IN 2017

Last year, 2,691,998 foreign citizens visited Azerbaijan, which is 449,215, or 20% more than in 2016, the Ministry of Culture and Tourism informed today. Most of the tourists were from Russia – ...

AZERI BREND OIL PRICE HIGHEST SINCE 2015

The cost of a barrel of Azerbaijan’s Azeri LT CIF oil on the world market increased by $1.3, or 1.90%. At present, the cost of Azeri LT CIF brand oil is 69.89 dollars per barrel. In turn, the co...