Azeri oil export fall the lowest level

Azeri oil export fall the lowest level Azeri oil exports will fall to multi-month lows in November and December which  scarce supplies of light and sweet crude grades to Europe. A halt of supplies from Libya, production problems in the UK and Norwegian North Sea, lower supplies from Russia, central Asia, Nigeria and Angola have all cut supplies, especially of high quality, light, low sulphur crude oil. Analysts believe a series of supply disruptions have helped keep oil strong... Read More

Warsaw Summit on Eastern Partnership to Start

Warsaw Summit on Eastern Partnership to Start Azerbaijan civil society representatives attend high level event The two-day meeting of heads of state and government is to adopt strategic decisions on the shape of the Eastern Partnership for the years to come. The purpose of the summitis to provide a strong political signal on the increasing integration of the EU’s Eastern neighbours into Europe. At the same time, summit participants will evaluate the achievements of the Partnership... Read More

The Curse of Oil Wealth

The Curse of Oil Wealth CESD: “Assessment rather than calculation is needed to explore how huge oil money used” The State Oil Fund of Azerbaijan, SOFAZ, has received $60bn from the oil and gas industry since its creation in 2000, the fund’s Director said: “Part of the funds transferred to SOFAZ has been spent on the resolution of the problems of refugees and displaced persons, particularly, on eliminating the tent camps. In addition, thanks to the funds from the implementation... Read More

Azerbaijan’s WTO Hopes and Dreams

Azerbaijan’s WTO Hopes and Dreams Vugar Bayramov; “WTO membership, and the huge boost it would imply for liberalization in Azerbaijan, is not an option unless the relevant government agencies decide it is serious about this reform” “Working group on WTO membership is expected to hold its next meeting in November-December.Azerbaijan submitted the relevant documents to the secretariat. Nature of negotiations depends on the secretariat and WTO members now. It is... Read More

CESD; IMF’s GDP Forecast for Azerbaijan is not Realistic

CESD; IMF’s GDP Forecast for Azerbaijan is not Realistic Azerbaijan’s economic growth is projected at 7.1 percent in 2012 and at 2.3 percent in 2016, the International Monetary Fund (IMF) said in its updated forecasts. By late 2011, GDP growth will be 0.2 percent in Azerbaijan, according to IMF’s World Economic Outlook report posted on the organization’s website on Wednesday.   IMF also predicts that in 2011 inflation in Azerbaijan will be at 9.3 percent, down... Read More

SOCAR predicts oil production at 46m tons in 2011

SOCAR predicts oil production at 46m tons in 2011 Oil production in Azerbaijan is forecast at about 46 million tons, while gas output – at more than 27 billion cubic meters in 2011, the state energy firm SOCAR’s Vice-President Khoshbakht Yusifzada told the press Thursday. It was predicted that over 50 million tons of oil would be extracted this year. The oil production volumes will be 46-50 million tons next year, Yusifzada said. The reduction in Azerbaijan’s oil production... Read More

Shahdaniz export route to be picked by year-end

Shahdaniz export route to be picked by year-end The international consortium developing Azerbaijan’s major Shahdaniz gas-condensate field in the Caspian Sea will determine the pipeline that will pump gas to Europe by the end of 2011, an official of the project operator BP Azerbaijan said Wednesday. Richard Taus, the company’s head of finance, told a conference, World Gas Infrastructure 2011, in Baku that pipeline projects are expected to submit their proposals on fees and... Read More

State Budget Revenues reach $ 20 billion

State Budget Revenues reach $ 20 billion Under chairmanship of Prime Minister of Azerbaijan Artur Rasizade, the Cabinet of Ministers has held a meeting. The draft budget and the consolidated budget for 2012 and for the next three years, the concept of economic and social development of the Azerbaijan Republic for 2012 and for the next three years were discussed at the meeting, AzerTAj reported. The draft state budget for 2012 has been designed in accordance with the law of Azerbaijan... Read More

Azerbaijan and EU are close to gas export agreement

Azerbaijan and EU are close to  gas export agreement Azerbaijan is practically ready to supply 2 billion cubic metres of gas per year to Europe and 10bn cu.m in 2017 or 2018, a senior executive has said. Rovnag Abdullayev, president of state oil company SOCAR, said supplies could start almost as soon negotiations with Turkey are completed. “We hope that talks with Turkey on gas transit will reach a successful conclusion that will open the route for Azerbaijani gas to Europe.... Read More

EU Proposes talks on visa facilitation with Azerbaijan

EU Proposes talks on visa facilitation with Azerbaijan The European Commission has proposed opening negotiations on a visa facilitation agreement between the EU and Azerbaijan. “Easier access to visas will improve cooperation and exchanges between the EU and Azerbaijan. Visa facilitation and readmission agreements are very tangible results of the Eastern Partnership and I know how much this means to the citizens of these countries,” Cecilia Malmström, EU commissioner... Read More