Azerbaijan improves position in global competitiveness rating

Azerbaijan improves position in global competitiveness rating Azerbaijan has risen by nine points in the global competitiveness rating annually made by the World Economic Forum and ranks 46th, the forum said on September 01, 2012. According to this index, Azerbaijan is the leader in the CIS, Kazakhstan ranks 51, Russia – 67, Ukraine – 73 and Armenia – 82. Among Azerbaijan’s neighboring countries Turkey ranks 43, Iran – 66 and Georgia – 77.... Read More

Georgia, Romania keen on AGRI pipeline construction

Georgia, Romania keen on AGRI pipeline construction Georgia and Romania will continue to cooperate in the construction of AGRI (Azerbaijan-Georgia-Romania Interconnector) pipeline to transport liquefied natural gas from the Caspian Sea to Europe, Georgian GHN news agency reported. This agreement was reached during a meeting in Bucharest of Romanian Foreign Minister Titus Corlatean with his Georgian counterpart Grigol Vashadze. “During the meeting we discussed a number... Read More

SOCAR says will retain 51 pct of its stake in TANAP

SOCAR says will retain 51 pct of its stake in TANAP Azerbaijani state oil company SOCAR intends to retain 51 percent of its share in the Trans-Anatolian gas pipeline (TANAP), SOCAR head Rovnag Abdullayev told reporters on Thursday. TANAP is a proposed Azerbaijani-Turkish project that envisages construction of a pipeline from the eastern border of Turkey to the country’s western border. SOCAR holds 80 per cent in the TANAP project, while Turkish stated-owned BOTAS company... Read More

IFC to issue new loan to AccessBank

IFC to issue new loan to AccessBank The International Finance Corporation (IFC) plans to consider allocation of a loan in the amount of $15 million to Azerbaijani AccessBank at the Board meeting on November 5, 2012, the IFC said on Tuesday. “The funds are intended to support the development of micro, small and medium enterprises (MSME) in Azerbaijan,” the statement said. This year AccessBank has already received from the European Bank for Reconstruction and Development... Read More

Banks increase rates on deposits in manats

Banks increase rates on deposits in manats On 1 August, the average interest rate on deposits and deposits in national currency – manat in Azerbaijani banks amounted to 10.36% against 10.33% on July 1, 10.26% on January 1, and 10.69% on August 1, 2011 year. According to the Central Bank of Azerbaijan (CBA), the average rate on bank deposits in foreign currencies amounted to 10.77%, while on 1 July the rate was 10.79%,on 1 January – 11.11%, and on 1 August 1, 2011... Read More

1 trillion cm of gas extracted in Shah Deniz

1 trillion cm of gas extracted in Shah Deniz In 1997-2011, 1.9 bn barrels of oil were extracted from Azeri-Chirag-Guneshli fields, said the BP-Azerbaijan’s report on Sustainable Development. Along with summary of business activity of BP in Azerbaijan during 2011, performances in economic and social spheres were reflected in the report, APA reports. Report says that, 1 trillion cm of gas has been extracted from Shah Deniz so far.  Read More