Azerbaijan, Baku / Trend corr. i.Khalilova / The rise in price of oil affects on increase in price of sugar, Shahmar Movsumov, the executive director of the State Oil Company of Azerbaijan (SOCAR), said during the conference dedicated to results of nine months of 2007.
The demand for bio- ethanol increases as a result of increase in price of oil. Different plants, including sugar-beet are used in producing of bio-ethanol which leads to deficit of raw materials in produce of sugar.
"Azerbaijani economy gets both positive and negative consequences from increase in price of oil," Movsumov said.
The Imishli sugar manufacturing plant was put into commission in Azerbaijan in 2005. From 2007 Azerbaijan began exporting of sugar for the first time. Presently, the volume of exported sugar amount to 236,600.
One of the reasons for increase in price of sugar since 2005 is the country has been satisfying its demands for sugar through import. The sugar is imported to Azerbaijan from Russia, Brasilia, Ukraine, as well as Turkey, and Iran.