Bank Of Baku

Azerkimiya shuts down

Azerkimiya shuts down
# 06 March 2007 15:41 (UTC +04:00)
Azerbaijan’s State-owned Chemicals maker, Azerkimiya, shut down indefinitely because of the energy prices hike in the country, APA-Economics reports.
Region parliamentarian Ikram Israfilov told a parliament session that the company and its all subsidiaries shut down soon after the decision to increase energy prices came effective and more than 10,000 employees have not gotten salary for two months.
He said that the company had sold its products under the terms of agreements concluded before the price jump and all the products had become “loss leaders�.
It is not known when the enterprise will return on stream. /APA/
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