Is TAP only realistic option for Azerbaijan’s gas supply?

Is TAP only realistic option for Azerbaijan’s gas supply? Trans Adriatic Pipeline (TAP) provides the only commercially and strategically realistic option of enabling gas to reach the South Eastern Europe (SEE) markets, TAP External Affairs and Communications Director, Michael Hoffmann said in interview to Natural Gas Europe. “It is important that the SEE region is well prepared in the event of a disruption in gas supply,” Hoffmann said. According to Hoffmann,... Read More

CESD Recommendations Approved

CESD Recommendations Approved The State Committee on Standardization, Metrology and Patents of Azerbaijan has approved five new standards in information technologies and RaD sphere. Two of them have been developed by the Center for Economic and Social Development (CESD). CESD worked with the Azerbaijan Institute of Standards, the State Committee’s department of technical regulation and standardization, the metrology department, and the technical committee for ecology, according... Read More

Moody’s upgraded rating of Azerbaijan

Moody’s upgraded rating of Azerbaijan Moody’s Investors Service has today upgraded Azerbaijan’s foreign- and local-currency government issuer ratings by one notch to Baa3 from Ba1. The rating outlook is now stable, APA reports. The main drivers of this rating action were: (i) the ongoing strengthening in the government’s finances, as reflected in the rapid accumulation of foreign assets by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan... Read More

Shah Deniz 2 gas project starts officially

Shah Deniz 2 gas project starts officially The consortium developing Azerbaijan’s giant Shah Deniz gas field has announced the start of Front End Engineering and Design for the second stage of the project. The announcement of the important milestone was not accompanied by an announcement of the chosen route to export Shah Deniz 2 gas from the Turkish border to Europe. The three bidders still in the running to export Shah Deniz 2 gas will now have to wait until 2013 for... Read More

Fitch Ratings assesses SOCAR’s ratings

Fitch Ratings assesses SOCAR’s ratings Fitch Ratings has affirmed State Oil Company of the Azerbaijan Republic’s (SOCAR) Long-term foreign currency Issuer Default Rating (IDR) at ‘BBB-‘ and Short-term foreign currency IDR at ‘F3’ and senior unsecured rating at ‘BBB-‘. The Outlook on the Long-term IDR is Stable, Fitch press release says. SOCAR’s ratings incorporate state support as it is wholly state-owned, represents the state’s... Read More

Temporary Simplified Visa Regime Applied in Azerbaijan

Temporary Simplified Visa Regime Applied in Azerbaijan Azerbaijan started giving simplified visas to guests who will visit Eurovision-2012 from April 15, Ministry of Foreign Affairs (MFA) of Azerbaijan reported. Guests can get the visas from structures of Consulate Department of MFA locating in Azerbaijan’s international airports. The basis for getting visa is the invitation letter by Organization Committee of Eurovision, document affirming the accreditation in accordance... Read More

SOFAZ assets reached $32 billion

SOFAZ assets reached $32 billion The State Oil Fund of Azerbaijan (SOFAZ) had assets of $32,359.4m as of 1 April, 8.6% up on 1 January 2012, when they were $29.8bn. In the first quarter of 2012, SOFAZ received budget revenue of AZN 3,586,900,000 ($4.57bn) and spent AZN 1,919,900,000 ($2.44bn), APAreports. The Oil Fund, which began to purchase gold during the reporting period, now has 2.804 tonnes of gold (90,143 ounces). The bulk of the fund’s revenue – AZN 3,352,400,000... Read More

BP reports about developments around Shah Deniz – 2

BP reports about developments around Shah Deniz – 2 Major steps will be taken in the near future to ensure the supply of gas from the Shah Deniz 2 field to Turkey and its subsequent transport to Europe, the newly appointed representative of the British BP in Turkey Bud Fackrell, who is also responsible for the activities of BP Turkey in Azerbaijan and Georgia said, newspaper Milliyet wrote on Friday. This week, BP announced its preliminary engineering and design work in... Read More

Azerbaijan’s oil export in the first three months of 2012

Azerbaijan’s oil export in the first three months of 2012 Azerbaijan exported 9,274,000 tonnes of oil in January-March 2012. According to the State Customs Committee of Azerbaijan, of this amount 5,978,000 tonnes of oil worth $5,019,000,000 were exported by customs declarations. Of the overall volume of export, 489,017 tonnes were exported by the Baku-Novorossiysk pipeline, 1,095,000 tonnes by the Baku-Supsa pipeline. The BTC pipeline exported 7,442,000 tonnes of oil in the... Read More

Eurovision 2012: Looking for the Payoff

Eurovision 2012: Looking for the Payoff In February 2012, Azerbaijani cabinet ministers announced the official state budget for expenses related to Azerbaijan’s hosting of the Eurovision song contest, which will begin May 26. The budget, composed mainly of construction costs of new centers for Eurovision, is approximately 50 million AZN, which is roughly US $63.5 million. $63.5 million tops what is believed to have been the most expensive Eurovision hosting to date—Eurovision... Read More