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Economical news
Bulletine Economics 

2017 November 10 ( Friday )  17:35:05
Print version
Русский Azərbaycan


Passenger flow at Baku International airport increases by 20%

Baku/10.11.17/Turan: Baku-In January-October 2017, Heydar Aliyev International Airport served 3.46 million passengers. This indicator grew by more than 20 percent compared to the same period last year and exceeded the total statistics for the entire 2016 year.

During this period Azerbaijan Airlines (AZAL) carried 2 million passengers, 504,000 of which were carried on domestic flights.

85 percent of passengers were carried by international flights. 50.6 percent of the total international traffic of the airport accounted for Azerbaijan Airlines, 49.4 percent - foreign air carriers.

Currently, Heydar Aliyev International Airport serves 30 airlines on 53 destinations. Top ten most popular international destinations include Moscow, Istanbul, Dubai, Kiev, Tehran, Antalya, Tbilisi, Baghdad, Doha and St. Petersburg. 2.1 million passengers traveled to these destinations.

The new airport terminal of Heydar Aliyev Airport (Terminal 1) was put into operation in April 2014. Its total area is 65,000 square meters.

Transit Freight Transportation Increased by 33.8%

Baku / 10.11.17 / Turan: For the first nine months of this year, 7 million 386.3 thousand tons of transit cargo was transported via the Azerbaijan section of the TRACECA transport corridor, which is one third (1,871,000 tons) higher than the index for the comparable period of 2016, the State Statistics Committee reported.

The structure of transit cargo is not disclosed. It"s no secret that the lion's share of these cargoes is crude oil, which flows through the Baku-Tbilisi-Ceyhan pipeline. During the eight months of this year, 4.8 million tons of transit oil was pumped through this pipeline.

Azerbaijan attaches great hopes to the Baku-Tbilisi-Kars railway connection to increase the flow of goods on its territory from China to Europe. But the government estimates that 3 million tons of Chinese goods will be delivered to Turkey by this railway in the fifth year of exploitation, and 608 million tons will be delivered in the eighth year. According to the forecasts of Turkey, by 2030 the freight flow in the direction of Europe on this railway can reach 17 million tons per year. ----08D

Nakhchivan Holding Continues Reorganization

Baku // Turan: The group of companies Negshicahan Holding Ltd announced the creation of three more subsidiaries, which previously functioned as not an independent business entity.

The public catering facilities Batabat, Agbulag and Eylence Merkezi located in the Nakhchivan Autonomous Republic have been transformed into a limited liability company. Before that the restaurant Uzunoba was transformed into a limited company.

The holding company Negshicahan Holding Ltd includes 4 hotels, 12 restaurants and cafes, 6 recreation and entertainment facilities, 7 gas stations, a plant for the production of technical gases, a market and a medical clinic Negshicahan Med. The group of companies is owned by Seymur Talibov, one of the sons of the chairman of the Supreme Majlis of Nakhchivan AR Vasif Talibov. Seymur Talibov is a member of the Supreme Majlis and pro-rector of the Nakhchivan State University. ----08B--

Three Foreign Companies Announce Curtailment of Activity in Azerbaijan

Baku / 10.11.17 / Turan: The Netherlands company Witteveen + Bos Azerbaijan B.V. announced the closure of the representative office in Baku. This week two more companies have announced the termination of their activity in Azerbaijan.

The company Witteveen + Bos Azerbaijan B.V. took part in the construction of the new Baku sea port in the village of Alat, as well as the cleaning and reconstruction of Lake Boyuk Shor in Baku, the cost of which is estimated at hundreds of millions of dollars. The representative office of the company operated in Baku since 2014.

Bushi Consulting Limited is a resident of the Virgin Islands (Britain). A branch of the offshore company was opened in Baku in late December 2008. Its owner and operations in Azerbaijan are unknown.

LLC Hagavi Company with the capital of 10 manat was established by a non-resident Hamid Hajavi Ebrahim in Baku in September 2016. There is no information about the activities of this company. In total, 16 local and foreign companies hve announced their liquidation this week. -----08D

AS Group Invest Holding Creates Specialized Agricultural Company

Baku // Turan: The group of companies AS Group Invest has established a new company that will implement a project to create the largest agricultural economy in the Absheron peninsula.

According to the Ministry of Taxes, Absheron Agropark LLC was registered. The legal address of the company is Baku, Druzhba Narodov Avenue, 11B. The head of the company is Tural Seyidov, who also runs the holding.

The company started construction of the agricultural park in 2016. To this end, another company was established, AS Agro Co LLC.

The complex is located in the village of Hovsan in Baku, on the site of a former poultry farm. The territory of the complex is 434 hectares, according to AS Group Invest. Here earlier the company planned to build a housing complex of 320 residential buildings and other socio-cultural facilities. The first phase of the project was estimated at EUR 240 million.

Now the holding"s plans have changed. On the territory of 330 hectares a greenhouse farm is created,75/lang,ru/. At the same time, the company plans to implement this idea with the participation of small and medium-sized businesses. At the first stage, a greenhouse with an area of ​​12 hectares is being built.

Agropark will have an industrial area of ​​24 hectares, which will cover various functional facilities. These functional facilities will be able to service greenhouses located within the complex, as well as in nearby villages and towns. -0----

LLC AS Group Invest was founded by Isolda Movsumova in 2011. Currently, its sole shareholder is Shahin Movsumov, the brother of the executive director of the State Oil Fund of Azerbaijan. The group includes several construction and manufacturing companies located in Azerbaijan, Georgia, Russia and other countries. ------08B

Food Prices Kept Stable in October

Baku / 10.11.17 / Turan: The price of the consumer basket for 30 types of basic food products of domestic production, compiled by the news agency Turan, remained unchanged in Baku in October.

In September, the growth was 5.4% against the background of a reduction in seasonal vegetable production.

In October, the prices increased for onions (+ 14.2%), eggs (+ 7.6%), and lamb (+ 4.1%). The prices fell for white-headed cabbages (-23.2%), potatoes (-14.2%), granulated sugar (-8.3%), apples (-6.6%), and chicken (-5.4%).

Prices for other products remained unchanged.

The stability of prices in the post-summer period is explained by the taboo on weddings and celebrations in connection with the mourning month of Muharram, as well as low solvency of the population.

The funeral period ends on November 19, which is expected to increase food prices. -0----

FoodsPrices by October 1, 2017Prices by November 1, 2017Change
Mutton12.012.50.+ 0.50
Chicken3.653.45- 0.20
Chicken giblets3.103.100
Sturgeon 35.035.00
Corn oil (1 liter)3.803.800
Eggs (10)1.301.40+ 0.10
Granulated sugar1.201.10- 0.10
Lump sugar1.701.700
Flour (Sort I)0.480.480
Milk (1 liter)1.401.400
Sour cream (100 grams)0.600.600
Sour milk (1 liter)1.751.750
White cheese6.456.450
Local biscuits 2.102.100
Potatoes0.700.60- 0.10
Onions0.350.40+ 0.05
Cabbages0.850.60- 0.20
Green vegetables (1 bunch)0.200.200
120.38120.33- 0.05

Losses of Demir Bank for Three Quarters Amounted to More Than AZN 20 Million

Baku / 10.11.17 / Turan: Demir Bank"s assets decreased by 100 million 823 thousand manat or 19%, amounting to 429 million 329 thousand manat, for the three quarters of 2017, compared to the same period of the last year,

Over the reporting period, the bank"s liabilities amounted to 403 million 762 thousand manat (a decrease of 78 million 709 thousand manat or 16.3%).

The volume of deposits in the bank amounted to 10 million 767 thousand manat, decreasing by 55 million 228 thousand manat or 32%.

In particular, the demand deposits of individuals in the bank are 10 million 767 thousand manat (the indicator for the same period of 2016 was 13 million 686 thousand manat), and those of legal entities are 8 million 507 thousand manat (11 million 656 thousand manat). The timed deposits of individuals are 97 million 650 thousand manat (146 million 805 thousand manat), and the timed deposits of legal entities are 289 thousand manat (295 thousand manat).

Deposits of banks and other financial institutions in Demir Bank amounted to 4 million 591 thousand manat, compared to 16 million 703 thousand manat for the same period in 2016.

At the same time, Demir Bank reduced its debt to the Central Bank of Azerbaijan from AZN 37 million in the third quarter of 2016 to AZN 17 million in the same period of this year.

The bank"s capital decreased by 22 million 114 thousand manat or 46.4%, amounting to 25 million 566 thousand manat.

For three quarters the loss of Demir Bank amounted to 20 million 392 thousand manat, whereas during the same period of last year the bank showed a profit of 124 thousand manat. -71D-

Assets of Bank Respublika Decreased by 22.1%

Baku / 10.11.17 / Turan: In the third quarter of 2017, the assets of Bank Respublika decreased by 201 million 979 thousand manat or 22.1% to 710 million 542 thousand manat compared to the same period of the last year.

During the reporting period, the bank's liabilities amounted to 663 million 940 thousand manat (a decrease of 208 million 207 thousand manat or 23.9%).

In particular, legal entities' deposits amounted to 246 million 079 thousand manat (a decrease by 78 million 798 thousand manat or 24.3%), and deposits of individuals amounted to 212 million 989 thousand manat (a decrease of 15 million 706 thousand manat or 6.9%), and funds attracted from other financial institutions amounted to 195 million 666 thousand manat (a decrease of 108 million 681 thousand manats or 35.7%).

The bank"s capital for the mentioned time increased by 6 million 228 thousand manat or 15.4%, amounting to 46 million 602 thousand manat.

For three quarters of this year, the loss of Bank Respublika amounted to 1 million 619 thousand manat. -71D-

Budget of Deposit Auction to Be AZN 200 Million

Baku / 10.11.17 / Turan: At the deposit auction on November 13, the Central Bank of Azerbaijan plans to raise AZN 200 million.

The funds will be attracted for a period of 14 days, at an average weighted rate of 10.01% -14.99%.

Deposit auctions are held as part of anti-inflation measures. During the auction, the Central Bank accepts deposits of commercial banks for placement. The main purpose of deposit auctions is sterilization of the money supply.

The Central Bank started holding deposit auctions in June 2016. -71D-

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