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TRADE TURNOVER IN GUAM TO TOTAL $10BLN

TRADE TURNOVER IN GUAM TO TOTAL $10BLN

TRADE TURNOVER IN GUAM TO TOTAL $10BLN

The trade turnover among GUAM member states will be increased up to $10bln in upcoming three years, Valeriy Chechelashvili, the secretary general of the Organization stated in Baku in a conference on Development Strategy of GUAM on 29 May.

According to Chechelashvili, the trade turnover among Georgia, Ukraine, Azerbaijan and Moldova will go up to $4bln by the end of the year. “Under the conditions of globalization of the good and service markets, the economic cooperation will be more important, and GUAM member states have decided to create a competition free economic zone,” GUAM secretary general said.

“The political will and authority of the organization enables to implement big projects in the Caspian and Black Sea regions,” Chechelashvili said.

View: 699 | Date: 30-05-2008, 11:09 | Category: News | More...

COST OF NABUCCO GAS PIPELINE CONSTRUCTION CLIMBS UP

COST OF NABUCCO GAS PIPELINE CONSTRUCTION CLIMBS UP

COST OF NABUCCO GAS PIPELINE CONSTRUCTION CLIMBS UP

Nabucco Gas Pipeline International stated some 1.5-fold increase in the cost of the Nabucco gas pipeline to 7.9bln euro.

The official web site of the project reported that the cost of Nabucco project climbed up given hike in oil prices and rising steel demand.

Consortium of the project reviewed capital expenditures on the basis of assessment of material procurement and supplies for implementation of the gas pipeline construction project. According to new assessment, the project will require 2mln tons of steel, 200,000 pipes and over 30 compressor aggregates.

View: 768 | Date: 30-05-2008, 11:04 | Category: News | More...

FIRST AZERBAIJANI INTERNATIONAL REGIONAL BUSINESS CONFERENCE STARTED IN AZERBAIJAN

FIRST AZERBAIJANI INTERNATIONAL REGIONAL BUSINESS CONFERENCE STARTED IN AZERBAIJAN

FIRST AZERBAIJANI INTERNATIONAL REGIONAL BUSINESS CONFERENCE STARTED IN AZERBAIJAN

The first Azerbaijani International Regional business conference has been launched in the Shamakha region of Azerbaijan on 27 May.

Niyazi Safarov, Deputy Minister of Economic Development of Azerbaijan, stated that the volume of economy in Azerbaijan in the latest four years has increased by 96%.
As for 2007, the volume of state investments into the development of regions made up AZN 1.15bln. At present, the work to create new industry enterprises has been ongoing. Development of economy creates basis to attract foreign investments into the country.

At present, the preparatory work has been held to implement the program on socio-economic development of regions for next five years, Deputy Minister said.

Hulusi Kilij, Turkish Ambassador in Azerbaijan, stated that the trade turnover between the countries comprises $12bln. The investments together with the oil sector invested in Azerbaijan by Turkey totals $6bln.
Development of relations with Azerbaijan opens huge possibilities for China, Khu Bing Jin, Head of the Chinese-European technical and economic cooperation stated.

View: 795 | Date: 29-05-2008, 15:37 | Category: News | More...

AZERBAIJANI PRESIDENT TO PAY FIRST VISIT TO FINLAND

AZERBAIJANI PRESIDENT TO PAY FIRST VISIT TO FINLAND

AZERBAIJANI PRESIDENT TO PAY FIRST VISIT TO FINLAND

The President of Azerbaijan Ilham Aliyev will pay his first official visit to Finland, Helsinki-based Chancellery of Finnish President reported to Trend News in a telephonic conversation on 27 May.

View: 727 | Date: 29-05-2008, 15:34 | Category: News | More...

IRAN EAGER TO BUY SHAH DENIZ GAS FROM AZERBAIJAN

IRAN EAGER TO BUY SHAH DENIZ GAS FROM AZERBAIJAN

IRAN EAGER TO BUY SHAH DENIZ GAS FROM AZERBAIJAN

Iran has stated its interest in importing Azerbaijani gas in large volumes from the Shah Deniz gas condensate, located in the Azerbaijani section of the Caspian Sea, a reliable source said on 28 May.

Said Reza Kassanzade, the Deputy Iranian Petroleum Minister, also general Manager of the Iranian National Gas Company, has recently visited Baku. During the talks held between Kassanzade and the State Oil Company of Azerbaijan (SOCAR) and leadership of the Shah Deniz consortium, focused on delivery of Azerbaijani gas to Iran, including in Stage 2 of the Shah Deniz field development, scheduled for 2012-2013. The Iranian NICO holds 10% share in the Shah Deniz project.

So far, different opportunities for the Azerbaijani gas transportation have been considered. However, they concerned only the European directions. Meanwhile, 1mln cu.m of gas has been supplied to Iran per day at $300 per 1,000 cu.m, which is high enough. The contract was signed to supply 30mln cu.m of the gas to Iran and it can be extended.

It is planned to export 12bln cu m of gas a day during Stage 2 of the Shah Deniz project. Gas export will be carried out via the South Caucasus gas pipeline (SCP) both in Stage 1 and Stage 2.

At preset possible gas production from the field constitutes 21-22mln cu m from four wells. By mid-2008 the drilling of the fifth well will be complete.

The contract on development of off-shore Shah Deniz field was signed on 4 June 1996. The sides to the contract are ВР (operator – 25.5%), Statoil (25.5%), SOCAR (10%), LukAgip (10%), NICO (10%), Total (10%), and TPAO (9%).

View: 991 | Date: 29-05-2008, 15:31 | Category: News | More...

DISCUSSION OF ODESSA-BRODI PROJECT MORE CONCRETE NOW

DISCUSSION OF ODESSA-BRODI PROJECT MORE CONCRETE NOW

DISCUSSION OF ODESSA-BRODI PROJECT MORE CONCRETE NOW

Azerbaijani President Ilham Aliyev believes that discussion of the Odessa-Brodi project is more concrete now. He made the statement at the joint press conference with Ukrainian President Viktor Yushchenko in Kiev.

“There is political support from all sides involved in the project. Now we have to coordinate economic and technical details, to put them in practice and to see the results,” Aliyev said.

Azerbaijani President confirmed that his country has always supported the export diversification policy. He reminded that several days ago a new terminal was opened on the Black Sea shore in Georgia which was constructed through Azerbaijani investments.

“The terminal envisages attracting Odessa-Brodi-Plotsk-Hdansk project to some extent and thus is an integral component of the energy corridor,” Aliyev said.

View: 972 | Date: 26-05-2008, 10:31 | Category: News | More...

FOURTH ENERGY SUMMIT WILL TAKE PLACE IN BAKU

FOURTH ENERGY SUMMIT WILL TAKE PLACE IN BAKU

FOURTH ENERGY SUMMIT WILL TAKE PLACE IN BAKU

The fourth summit on energy security in the regions of Caspian Sea, Black Sea and Baltic Sea will take place in Baku, said Victor Yushenka, the President of Ukraine, as a result of completion of the third Energy Summit in Kiev on 23 May.

Earlier Yushenko said to a press-conference as a result of Kiev meeting at high level that the next summit is planned to focus on the report of the Inter-State working group which was decided to be established today in Kiev.

View: 710 | Date: 26-05-2008, 10:27 | Category: News | More...