SOCAR increases oil exports from Novorossiysk port

SOCAR increases oil exports from Novorossiysk port The Marketing and Economic Transactions Office of the Azerbaijani State Oil Company (SOCAR) in September exported 159,600 tonnes of crude oil from the Novorossiysk port. This figure is 29,955 tonnes or 23% more compared to August, Gun.Az reports, referring to the company’s website. In September, SOCAR exported 322,980 tonnes of crude oil from the Supsa port, while 1,654,929 from the Ceyhan port. Oil exported in August... Read More

Over 83% of deposits returned to customers of bankrupted Royal Bank

Over 83% of deposits returned to customers of bankrupted Royal Bank As of 1 October 2012 the depositors of the bankrupted Royal Bank received compensations in the amount of AZN 12,262,000. According to sources in the Azerbaijan Deposit Insurance Fund, this makes over 83.3% of the total amount of payments subject to compensations which equals AZN 14,718,000. “Meanwhile, the deposits in the amount of AZN 26,731,000 have been insured. Thus, as of 1 October the bank depositors... Read More

Monetary reserves of Azerbaijan’s Central Bank grow by almost 1.65 times

Monetary reserves of Azerbaijan’s Central Bank grow by almost 1.65 times As of 30 September 2012 the monetary reserves of the Central Bank of Azerbaijan made $11,506,500,000. According to the official website for the Central Bank, it is a 2% growth over 31 August.  Meanwhile, since the beginning of the year, the monetary reserves of the Central Bank have grown by 9.7%, against the same period of the last year-by 65.72% or by more than 1.65 times. News.Az  Read More

More sanctions on Iran unlikely to impact world gas market

More sanctions on Iran unlikely to impact world gas market Further sanctions on Iran are unlikely to have a major impact on the world gas market, an analyst at a Singapore-based think-tank told Trend news agency. James Dorsey, a Senior Fellow at the S. Rajaratnam School of International Studies (RSIS) of the Nanyang Technological University, was commenting on a possibility of EU imposing a ban on Iran’s gas exports. Iran, which has the world’s second biggest... Read More

X round of talks on Azerbaijan’s membership in WTO scheduled preliminarily for 30 November

X round of talks on Azerbaijan’s membership in WTO scheduled preliminarily for 30 November Azerbaijan, which held in Geneva on 24 February the 9th meeting of the working groups on admission to the WTO, has a chance to conduct another round of talks this year. Deputy Foreign Minister Mahmud Mammadguliyev has stated that the WTO Secretariat appointed preliminarily the X meeting of the working groups on Azerbaijan’s accession to the WTO for 30 November. “The date may... Read More

Government of Azerbaijan adjusted GDP Growth Rate to 2,5 % for 2012

Government of Azerbaijan adjusted GDP Growth Rate to 2,5 % for 2012 Government of Azerbaijan (GoA) has adjusted its previous official forecast of 5.7 % GDP growth in 2012 to 2.5 % right away after CESD announced its survey results on Monday this week. The report came from Cabinet Ministers of Azerbaijan Republic on September, 26, 2012. In fact, GoA adjustment was based on CESD survey findings announced couple days ago. Hence, GoA failed to achieve economic growth forecast for... Read More

Potential war in Iran raises food security concerns

Potential war in Iran raises food security concerns Frequent threats of Iran against Israel and discussions on a possible attack of the U.S. on Iran raise questions about consequences of a war in the region. Difficult situation in the Middle East may cause challenges with food security for Azerbaijan, but some analysts urge the government can avoid the problem. According to Prof. Kamil Salimov, an expert on national security issues, if Iran gets into a war the Persian... Read More

SOCAR to present new gas contract to foreign partners

SOCAR to present new gas contract to foreign partners Azerbaijani state oil company SOCAR will present a preliminary version of a new contract on the project to develop deep water gas on the block in the Azerbaijani sector of the Caspian Sea to the partners of Azeri-Chirag-Guneshli (ACG), a senior SOCAR official told Trend news agency on Monday. He said work on the draft version of the contract is almost complete. “We are already completing the preparation of the draft.... Read More

CESD Seminar on Local Development

CESD Seminar on Local Development Professor Leonidas  A. Papakonstantinidis,  from School of Management and Economics, Technological Educational Institute of Kalamata, GREECE had his presentation on Local Economic Development: Analysis, Practices and Globalization in the CESD office with participation of representatives from international organizations, embassies, government agencies, universities, think tank,  NGOs and private companies on September 25th, 2012. Professor Papakonstantinidis... Read More

Iran, Turkey discuss construction of oil pipeline to Europe

Iran, Turkey discuss construction of oil pipeline to Europe An Iranian delegation visiting Turkey has discussed a possibility of constructing an oil pipeline to Europe through Turkey’s territory, Iran’s IRNA news agency reported. Iran’s Oil Minister Rostam Qasemi told journalists in Turkey that the two countries are discussing options for transporting Iranian gas to European markets through Turkey. Iran’s Industry, Mine and Trade Minister Mehdi Ghazanfari... Read More