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