Interview with Commissioner Štefan Füle – EU and Neighbours: a turning point in relations

Interview with Commissioner Štefan Füle – EU and Neighbours: a turning point in relations EU relations with its Neighbours are at a turning point, says Enlargement and European Neighbourhood Commissioner Štefan Füle in an exclusive interview with the EU Neighbourhood Info Centre on the occasion of the release by the European Commission of the latest ENP Progress Reports. “The EU has been quick and determined in establishing the foundations of a new European Neighbourhood... Read More

Russia’s impossible dream

Russia’s impossible dream CESD: “Creating of a single currency area among the countries of the Customs Union is unrealistic” Dmitry Medvedev, Prime Minister of Russia, invited holding a single currency in common customs area in CIS at the 2nd Business Forum “Common Economic Space: New Opportunities for industrial development” in St. Petersburg on June, 20, 2012. “We are creating a common economic space, and hopefully on the verge of a Eurasian Union. You... Read More

Fitch affirms Azernerji & SOCAR at `BBB-`

Fitch affirms Azernerji & SOCAR at `BBB-` Fitch Ratings has revised the Outlook on OJSC Azerenerji`s (Azerenerji) Long-term foreign currency Issuer Default Rating (IDR) to Stable from Positive and affirmed the rating at `BBB-`. Fitch has also affirmed State Oil Company of the Azerbaijan Republic`s (SOCAR) Long-term foreign currency IDR at `BBB-` with a Stable Outlook. A full rating breakdown is below. The revision of Azerenerji`s Outlook to Stable reflects the agency`s revision... Read More

Azerbaijan, Turkey to sign agreement on TANAP project

Azerbaijan, Turkey to sign agreement on TANAP project Inter-governmental agreement on TANAP project expected to be signed in Istanbul next week. Turkey and Azerbaijan are expected to sign an inter-governmental agreement next week on the Trans-Anatolian natural gas pipeline project (TANAP), planned to carry Azeri natural gas across Turkey to Europe, Turkish officials told Reuters on June 20, 2012, APAreports. “The work has entered its final stage. The inter-governmental... Read More

Cost of Living Standard in Azerbaijan

Cost of Living Standard in Azerbaijan The real cost of living in Azerbaijan is 240,0 manats ($ 308,0) . It is so much to spend on a monthly basis for the citizen of Azerbaijan in order to get 2800 calories of energy. This was in an interview with “Echo” declared the chairman of the Center for Social and Economic Development (CESD) Vugar Bayramov. In this regard, he said, the official minimum subsistence level and the cost of consumer basket does not reflect the real... Read More

Azerbaijan to apply Euro-3 standard on July, 01, 2012

Azerbaijan to apply Euro-3 standard on July, 01, 2012 The Euro-3 fuel standard on emission of harmful substances into the atmosphere will be applied in Azerbaijan from the beginning of next month, head of the Azerbaijani State Committee on Standardization, Metrology and Patents Ramiz Hasanov said on June 18, 2012. He said the output of fuel within the Euro-4 standard is planned to be carried out in 2015. By this time local oil refineries will be able to produce fuel to meet this... Read More

Industrial production drops by 2.9% in Azerbaijan

Industrial production drops by 2.9% in Azerbaijan In January-May 2012 the volume of industrial production made AZN 15bn in Azerbaijan According to the State Statistical Committee of Azerbaijan, it is a drop of 2.9% over the same period of 2011. 77.5% of industrial production was made in extractive sphere (5.4% drop), 17.1% in processing industry (14.6% growth), 4.9% in electric power and gas sectors (+3.4%). Water supply, waste water cleaning and household waste disposal made... Read More

Azerbaijan cuts gold production

Azerbaijan cuts gold production Azerbaijan cuts gold production by 32% and overall extraction of precious metals by 40%. Azerbaijan, which started industrial production of gold since July 2009 and publication of accompanying silver production in 2010, lowered production of gold by 32.6% and silver by 50.1% for Jan–May 2012. The State Statistics Committee (SSC) informs that for the first 5 months of the year country’s extraction of precious metals amounted to 857.4 kg (262... Read More

World Bank has lowered the forecast GDP Growth in Azerbaijan

World Bank has lowered the forecast GDP Growth in Azerbaijan World Bank (WB), published a Global Economy Prospects Report. The Bank forecasts Azerbaijan’s GDP Growth by 3.1% in 2012, 3.5% in 2012, and 4.5 % in 2014. At the same time a surplus current account in Azerbaijan this year will be as expected in the WB, 24.9% of GDP next year – 21.6%, and in 2014 – only 18%. Vugar Bayramov, the chairman of the Center for Social and Economic Development (CESD), mentioned... Read More

Azerbaijan’s estimated gas reserves exceed 2.5 trillion cubic meters

Azerbaijan’s estimated gas reserves exceed 2.5 trillion cubic meters Estimated gas reserves in Azerbaijan hit a 10 billion ton oil equivalent, SOCAR first vice president on geophysics, geology and mining Khoshbakht Yusifzade said during the international conference “Potential of hydrocarbons at great depths: energy resources of the future – reality and forecast” on June 12nd, 2012. He said that the estimated gas reserves in Azerbaijan are estimated at six trillion... Read More