Azerbaijan Economy in January, 2013

Azerbaijan Economy in January, 2013 CESD- Center for Economic and Social Development concluded its macro-economic survey results for the first month of year on February, 20, 2013. Independent calculated data show that decline in oil production and oil export will continue in 2013, too. Meanwhile, the government reports also proof that decline in oil export continue in January, 2013. State Oil Company of Azerbaijan (SOCAR) has recently reported that... Read More

SOCAR’s Ranking is Still “BBB-“

SOCAR’s Ranking is Still “BBB-“ Fitch Ratings has affirmed State Oil Company of the Azerbaijan Republic’s (SOCAR) Long-term foreign currency IDR at ‘BBB-‘ with a Stable Outlook. Short-term foreign currency IDR was affirmed at ‘F3’, the Agency said in its report. SOCAR is the only producer of oil products in the country (it has two refineries on its balance sheet) and also owns petrol stations in Azerbaijan, Georgia,... Read More

Is Decline in Azerbaijan’s oil output planned step?

Is Decline in Azerbaijan’s oil output planned step? Azeri Government says “yes” A decline in oil production in Azerbaijan is due to change of plans regarding time-frame of development of oil reserves in the country, Azerbaijani State Statistics Committee Chairman Arif Veliyev said on Monday. “The decline in production in Azerbaijan is not associated with a decline in oil reserves level, but with the extension of their development time-frame... Read More