Connect with us

Analysis

SOCAR to optimize fuel production at Baku refinery based on international standards

Avatar

Published

on

By Trend

The State Oil Company of Azerbaijan (SOCAR) will optimize fuel production at Baku Refinery named after Heydar Aliyev in line with international standards, Ibrahim Ahmadov, deputy head of the public relations and events department at SOCAR said during a media tour to the enterprise, Trend reports.

According to Ahmadov, in Azerbaijan, the quality of fuel is controlled by state bodies, and during monitorings (not by SOCAR) carried out at filling stations, some non-compliances of the products with internal standards were revealed.

"These violations are related to the storage of fuel. It’s possible that some impurities are added to the fuel. For example, RON-92 gasoline produced at our plant complies with the norms and standards in force in Azerbaijan,” he noted. “We regularly monitor the quality of fuel in laboratories and strive to ensure that the products manufactured at the refinery meet international standards. For this, work is underway to modernize our refinery.”

Following the launch of the Euro-5 fuel production in Azerbaijan, the number of cars operating on it may increase, added the company’s representative.

The Baku Oil Refinery named after Heydar Aliyev is one of the largest refineries in the South Caucasus region, located on the Absheron Peninsula.

Follow us on Twitter @AzerNewsAz

Original Article

Analysis

Azerbaijan to simplify civil UAV registration procedures

Avatar

Published

on

By Trend

The Ministry of Digital Development and Transport of Azerbaijan will simplify the procedures for registration of civil unmanned aerial vehicles (UAVs) this year, Deputy Minister Rovshan Rustamov said, Trend reports.

Rustamov made the remark at an event entitled "Priorities in the field of digital development and transport in Azerbaijan".

According to him, to simplify these procedures, it’s necessary to create an appropriate infrastructure to digitalize all processes.

"We want to make the process of registering UAVs as simple as possible. First of all, it’s necessary to take a step towards digital transformation," he noted. "Besides, in order to import these devices to Azerbaijan and register them, it’s needed to apply to nearly seven government agencies, three of which are subordinate to our ministry."

"The consent of third-party institutions is also required, and this takes about two-three months. Thus, we have already identified specific areas and steps that can contribute to the simplification of these procedures," the deputy minister further said.

"In this regard, we can talk about a project which will be created based on a single portal accepting online applications. This year, we plan to fully implement this process," added Rustamov.

Follow us on Twitter @AzerNewsAz

Original Article

Continue Reading

Analysis

CBA hold regular foreign currency auction

Avatar

Published

on

By Trend

The Central Bank of Azerbaijan (CBA) held a regular currency auction with the participation of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) on Jan. 27, Trend reports referring to the CBA.

According to the CBA, the demand of local banks for foreign currency amounted to $84.2 million and was fully met.

The average weighted exchange rate of the manat to the US dollar amounted to 1.7 AZN/1 USD based on the results of the auction.

The CBA has begun to conduct foreign exchange auctions through a one-way sale of currency in a competitive environment since mid-January 2017.

Follow us on Twitter @AzerNewsAz

Original Article

Continue Reading

Analysis

Finance Ministry to put up gov’t bonds for new auction

Avatar

Published

on

By Trend

The Baku Stock Exchange (BSE) will hold an auction on the placement of Azerbaijani Finance Ministry’s medium-term government bonds worth 35 million manat ($2.9 million) on February 1, 2022, Trend reports via the BSE.

According to the exchange, bonds with a face value of 100 manat ($58.8) each with a maturity of 1,092 days and a yield of four percent will be put up for the auction.

Interest payment dates are set for August 2, 2022, January 31, 2023, August 1, 2023, January 30, 2024, July 30, 2024, and January 28, 2025 (the principal payment deadline).

Pasha Capital CJSC will be the underwriter of the placement.

Follow us on Twitter @AzerNewsAz

Original Article

Continue Reading

Facebook

Trending