Azerbaijan’s 2012 oil output will be the lowest since 2009

Azerbaijan’s 2012 oil output will be the lowest since 2009 According to the State Oil Company of Azerbaijan (SOCAR) and confirmed by CESD’s independent comparative calculations, Azerbaijan will produce 42,9 million tons of oil in 2012. This will be the lowest output since 2009 and is 9 million tons less in comparison to production in 2010. Azerbaijan, however, has responded by slightly increasing oil production targets for 2013; 43,2 million tons of oil and 28,8 billion... Read More

SOFAZ invests in Russian ruble

SOFAZ invests in Russian ruble According to the “Investment Policy of the State Oil Fund of the Republic of Azerbaijan” up to 5% of the Fund’s assets can be invested in assets denominated in Turkish Lira and Russian Ruble. In the framework of the Investment policy first investments were made to the assets denominated in Turkish Lira during the current year and appropriate preparations to start investments in Russian Ruble have been completed. On October 19,... Read More

SOFAZ to bring the purchased gold to country duty-free

SOFAZ to bring the purchased gold to country duty-free Azerbaijan State Oil Fund will bring the gold, purchased within the framework of new investment tools, duty free and without VAT. The Cabinet of Ministers made amendments to Decision on rates of custom duties on export-import operations in the Republic of Azerbaijan, adopted on April 22, 1998, APA reports. According to decision, customs duty will not be taken from the gold imported for the placement in assets of SOFAZ.... Read More

BP never applied for contract prolongation

BP never applied for contract prolongation BP and partners in Azeri-Chirag-Guneshli fields have never applied to SOCAR about prolongation of the contract after 2024. The statement came from SOCAR president Rovnag Abdullayev. He said what foreign press writes about the appeal and SOCAR’s refusal  is untrue. “The distribution of produced oil is carried by the principle of 80% to Azerbaijan and 20% to the contract participants. Distribution will be carried by the same... Read More

CESD Survey; Is EU Technical Assistance Effectively Managed in Azerbaijan?

CESD Survey; Is EU Technical Assistance Effectively Managed in Azerbaijan? Estonian Center for Eastern Partnership released survey results conducted in all EaP countries including Azerbaijan. CESD was responsible for preparing Azerbaijani part of the report. The purpose of the survey was to assess how effectively the countries of the Eastern Partnership manage technical assistance rendered by the EU. This purpose was divided into the three objectives, which cover broadly the stages... Read More

Hungary wants to import gas from Azerbaijan – premier

Hungary wants to import gas from Azerbaijan – premier Hungary would like to import gas from Azerbaijan and Georgia, said Hungarian Prime Minister Viktor Orban. Nabucco to us is not interested. We would like to import gas from Azerbaijan. We are interested in alternatives such as liquefied natural gas from Georgia,” said Orban in an interview with Handelsblatt. According to the Hungarian prime minister, bet on renewable energy in Hungary cannot be done, “though... Read More

Azerbaijan Economy in the First Nine Months of 2012

Azerbaijan Economy in the First Nine Months of 2012 Dramatic fall in oil industry continues to hamper the country’s growth in the first nine months of 2012. Although tangible increasing in non-oil GDP, economic growth in Azerbaijan is far away from the forecasted figure. It was the main reason that Government of Azerbaijan (GoA) has adjusted its previous official forecast of 5.7 % GDP growth in 2012 to 2.5 % right Hence, it seems very hard to achieve economic growth forecast... Read More

CESD: IMF’s Forecasts are Unrealistic

CESD: IMF’s Forecasts are Unrealistic The IMF’s more upbeat prognosis of 2012 economic growth was met with skepticism as CESD economists said the fall in oil industry would continue to hamper the country’s growth. International Monetary Fund (IMF) has increased much the forecast of economic growth rate on Azerbaijan stated in its specified World Economic Outlook (WEO), published on October, 09, 2012. The IMF expects that this year Azerbaijan’s GDP will grow by 3.9%... Read More

New Area for Nabucco Project?

New Area for Nabucco Project? The Nabucco Political Committee-Meeting of the Nabucco Ministers of the Transit Countries convening in Vienna, Austria confirmed the full political support for the Nabucco Gas Pipeline Project and for the existing Intergovernmental Agreement giving comfort to investors and producers. Hosted by the Austrian Energy Ministry and attended by the Energy Commissioner Gunther Oettinger, the Bulgarian Prime Minister Boyko Borisov and the Energy Ministers... Read More

Call for Participation; CESD Annual International Conference

Call for Participation; CESD Annual International Conference CESD is pleased to invite all interested scholars to participate at ”Ensuring energy security in the future and NATO role in protection of critical energy infrastructure in the Caspian basin” International Conference organized by the Center for Economic and Social Development (CESD) on November, 21st, 2012 with support of Embassy of Romania in Azerbaijan and NATO. Confirmed participant countries of the conference... Read More