Azerbaijan's largest sugar producer keen to curb price increase

Azerbaijan, Baku, Nov. 26 / Trend N.Ismayilova /

The Azersun Holding, which owns the only sugar production plant in Azerbaijan, is working to increase local sugar beet production, the company reported.

"The holding supports planting sugar beets in the country's 29 regions to create domestic raw material reserves," the company said. "6,000 sugar beets have been planted in the regions."

Sugar prices on the world market have increased for more than six months. The holding kept prices stable on the local market at the expense of advance reserves. However, as these reserves are exhaustible, the structure has been forced to purchase raw materials already at the new prices.

"Today, Azerbaijan is seeing an increase in sugar prices, which is linked with global processes," the company said. "We had to buy raw material on the world market as there are few local suppliers. Thus, prices on the local market have now reached world prices."

The changing sugar prices in Azerbaijan in late 2010 and next year will be due to increased sugar prices on global markets. This is linked with unfavorable weather conditions in countries producing sugar cane. Meanwhile, the global market is waiting for a raw sugar bumper harvest in India and Brazil, which can be called the world's major sugar producers.

The situation on the world sugar market is constantly changing, the company said. Last year, the stock prices on raw sugar reached a historical maximum. Meanwhile, in November, prices fell. The daytime drop in sugar prices on Nov. 12 was the largest such drop in the past 22 years.

Prices on raw sugar on the New York Mercantile Exchange on Nov. 22 continued to fall. The cost of March raw sugar contracts reached $0.2615 for 1 pound. March white sugar contracts on the London Stock Exchange on Monday reached $679.10 per 1 ton, or $29.60 less than yesterday.

The largest sugar producer in Azerbaijan - the Imishli Sugar Plant - has tried to keep prices stable this year despite world processes. The situation with sugar prices in 2010 was more or less stable compared to 2009 until the recent increase.

The majority of raw material for sugar production in Azerbaijan is imported into the country from abroad, but some sugar is made by processing the sugar beets grown in the country. The Imishli plant signed a contract with 3,000 landowners engaged in sugar beet production in 2009.

Since 2006, the Azersun Holding has been actively involved in sugar beet development in the country, rendering assistance to farmers.

Currently, the sugar produced at the factory ensures domestic needs. The company also exports the sugar to Central Asia. The competitiveness of its products is important for the plant.

At present, Imishli's products twice exceed the domestic demand. The annual production of sugar is 400,000-450,000 tons given domestic demands of 230,000-250,000 tons.  

The plant's products are exported to Turkmenistan, Afghanistan, Georgia, Ukraine and Iraq.

The Azersun Holding was established in 1992. The company specializes in tea processing and packaging, vegetable oil, sale and distribution, construction, banking, insurance, manufacturing paper products, meat and vegetables, and goods transport and storage.

Denmark repeatedly increases import of Azerbaijani products
Denmark repeatedly increases import of Azerbaijani products
In Germany, car rams into group of passersby with one person killed, three injured
In Germany, car rams into group of passersby with one person killed, three injured
Facebook gains court backing in document row with EU regulators
Facebook gains court backing in document row with EU regulators
Loading Bars
Latest
Azerbaijan expands persimmon export geography
Denmark repeatedly increases import of Azerbaijani products
Azerbaijan's State Service to hold auction for five vehicles
Combat operations continued in direction of Aghdara, Khojavend and Gubadli - MoD
Several items of military equipment of Armenian Armed Forces destroyed - LIST
Every second operation in Azerbaijan carried out contactless - Visa
FM: Boosting cooperation with Iran priority of Afghan foreign policy
President Tokayev addresses International Forum on Northern Economic Cooperation
Turkey reports over 2,300 new COVID-19 patients
S. Korea reports 114 more COVID-19 cases, 26,385 in total
US to sell F-35 fighter jets to UAE, White House tells Congress
In Germany, car rams into group of passersby with one person killed, three injured
Moscow records another 69 coronavirus deaths
WHO registers over 479,000 COVID-19 cases in 24 hours worldwide
Facebook quarterly revenue beats estimates
Numerous sites hit by missiles attack on Azerbaijani Barda were in civilian areas - VICE News reporter (VIDEO)
Innovation Financing component of Georgian GITA supports provision of grants
VICE News highlights use of banned cluster munitions by Armenia to attack Azerbaijani Barda
Forces and equipment Armed Forces of Armenia destroyed (VIDEO)
Azerbaijan to establish embassy in Cuba
Strike on Azerbaijani is tragedy - Chairperson of Migration, Refugees, Displaced Persons Council of PACE
ICRC facilitates handover of combatants bodies killed in action during escalation of Karabakh conflict
Amnesty International verifies use of banned cluster bombs by Armenia to attack Azerbaijani Barda (PHOTO)
Azerbaijan avenges attack on Barda: Armenian units that subjected to fire civilian infrastructure, civilian population destroyed (VIDEO)
GUAM strongly condemns missile attacks on Azerbaijani cities by Armenia
French COJEP issues report on civilian casualties as result of Armenian attacks on densely populated Azerbaijani areas
Nizami Ganjavi International Center discusses renewed fighting between Armenia, Azerbaijan
Georgian Meskhetian Brand Winemaking Company enters new markets
Armenian Armed Forces' attempts to attack prevented in several directions - MoD
Azerbaijan issues statement on handing over bodies of killed servicemen to Armenia
Azerbaijan's MoD notes chaos, mass desertion in Armenian army
Azerbaijan eyes to reduce greenhouse gas emissions in upcoming years
Azerbaijan ratifies agreement on interaction of CIS member states' customs authorities
Azerbaijan reveals volume of tobacco production in Shaki district
UK increases import of Azerbaijani-made products
Georgia to cover utility fees of certain citizens starting from November
Canadian company to be engaged in gold mining in Georgia
Azerbaijani AFB Bank's net profit decreases
EBRD supports Georgian transport sector
No simple solution for Karabakh conflict, says Russian president
Azerbaijan approves law to rename 'Veng' village in Khojavand district into 'Chinarli'
Azerbaijani Prosecutor General's Office updates on woman killed following Armenia's missile fire
Azerbaijan to establish embassy in Cuba
Chairman of Azerbaijani community of Nagorno Karabakh calls on Canadian MP to apologize
Ombudsman of Azerbaijan sends protest letter to UNICEF regarding Armenian provocations
KAZ Minerals metals output on track to exceed full year production guidance
Reports about shelling of Russian border outpost false, says Azerbaijan's MoD
Servicemen of Armenian regiment refuse to take part in Karabakh hostilities
Russia making vigorous efforts to de-escalate Karabakh conflict as soon as possible - MFA
German allocates additional funds to Georgia for fighting COVID-19
Armenian Armed Forces shelling Azerbaijan’s Goranboy, Tartar, Barda
National Bank of Georgia sells funds at foreign exchange auction
World will lose heavily from enmity with Turkey and Azerbaijan, Turkish top official on Trend's 'Baku-Istanbul' teleconference (PHOTO/VIDEO)
Discussions related to durable resolution of Karabakh conflict ongoing constantly - OSCE (Exclusive)
CNPC Drilling Company in Turkmenistan opens tender to buy electric batteries
Number of high-ranking Armenian officials dismissed from their posts within month
One more Azerbaijani civilian killed by Armenian Armed Forces - top official
Azerbaijan sharply increases import of eggs from Georgia
Lebanese human rights defenders condemn Armenian vandalism in Beirut
Armenia once again violates ceasefire agreements - FACTS
Azerbaijan increases tea imports from Georgia
VTB Bank Kazakhstan's parent bank expected to facilitate bank's growth plans for 2020-2021
Azerbaijan appeals to UNICEF regarding Armenia's terror against Barda's civilians
Facebook gains court backing in document row with EU regulators
Commissioning of desalination plant in Kazakhstan's semi-desert zone postponed
Number of debit cards in Azerbaijan continues to grow
Georgia reduces imports of construction materials from Azerbaijan
Azerbaijan reduces import of cigarettes from Georgia
Residents of Barda fully confident in Azerbaijani army - Executive authority
Georgia increases oil import from Azerbaijan
Azerbaijan reveals details of casualties, injuries in Tartar inflicted by Armenian troops
Electricity production using renewable energy sources increases in Kazakhstan
Azerbaijan increases import of passenger cars from Georgia
Kazakhstan decreases imports from Austria
Precious metal prices in Azerbaijan down
Austria interested in further promoting economic co-op with Turkmenistan
People like Vladimir Yevseev call on Armenia to commit war crimes - Israeli expert
Ronaldinho films video message in support of Azerbaijan
Missile-hit area of Azerbaijan's Barda city targeted purposefully - Executive Office
Armenian military-political leadership to be punished soon – Azerbaijani prosecutor general
Kazakhstan, Spain trade down nearly threefold amid COVID-19
Bashkortostan boosts fuel export to Uzbekistan
President Ilham Aliyev calls President Recep Tayyip Erdogan
Azerbaijan confirms 483 more COVID-19 recoveries
Small industrial zone to be created in Uzbekistan’s Tashkent
First Vice-President Mehriban Aliyeva congratulates brotherly people of Turkey on 29 October-Republic Day
Kazakhstan, Austria agree on Action Plan of Kazakhstan-Austrian Business Council for 2021
Armenian leadership shelled Tartar ignoring visit of diplomats - President's aide
Azerbaijani currency rates for Oct. 29
China's premium car buyers drive VW back to profit
Iran reveals its COVID-19 data for October 29
Kraft Heinz third-quarter sales beat estimates
Bahar Azadi gold coin price again rising in Iran
Georgia has record high grape harvest in past 30 years
Int'l journalist sends Letter to Joe Biden in regards to his statement on Karabakh
Armenia shells Goygol district, fire breaks out in forest - Ministry of Emergency Situations
Joint technical committee to be set up related to Khudafarin & Giz Galasi hydro junctions
ADB approves loan to support Georgia’s economic recovery
Azerbaijan's Nakhchivan increases value of its agricultural production
Turkmenistan plans to increase natural gas supplies to China
All news