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Last week review (2011 Nov. 7 – 12)

Analysis Materials 14 November 2011 15:00 (UTC +04:00)

Nov. 7
Azerbaijan invited to assist with Serbian privatisation processes
Azerbaijani side has been invited to assist with a number of private industrial processes in Serbia. The invitation was made at the first meeting of the Azerbaijani-Serbian Commission for Trade and Economic and Scientific and Technical Cooperation, held in Belgrade. In turn, the Serbian side expressed its eagerness to take part in projects in the field of the production of fertilisers and export of plants and seeds under production in Azerbaijan. As it was noted at the meeting, areas of mutual interest are infrastructure, energy, transport, agriculture, the food and chemical industries and pharmaceuticals, information technologies, road infrastructure and construction.

Nov. 8

Price for flour and bread reduced in Azerbaijan
The price for flour dropped in Azerbaijan and lead to lowering of the prices for bread. If before a sack of flour cost 20-22 manat, the figure is 15-16.5 manat today. This allowed the large bread manufacturers to sell it at lower prices. As a result, the retail price of bread dropped from 40 to 35 gapik.
The bread manufacturers said a further reduction in the price of flour will lead to lower prices for bread.

Nov. 9

EBRD, WB help Central Asia and Russia improve competitiveness in oil and gas operations
The European Bank for Reconstruction and Development (EBRD) joins forces with the World Bank-led Global Gas Flaring Reduction partnership (GGFR) to help governments in Azerbaijan, Kazakhstan, Russia and Turkmenistan introduce energy efficiency measures to improve business competitiveness and environmental standards in oil and gas operations.
In collaboration with various oil and gas companies, the EBRD and the World Bank's

GGFR partnership will manage the production of a ground-breaking market study designed to assess gas venting and flaring operations on about 100 oil sites across the four countries and identify the main obstacles that hinder the further utilization of gases associated with the production of petroleum, the report said. In addition, the study will analyse current legal and regulatory frameworks and look into market, infrastructure and financing barriers.

As part of the new study, international and local experts will categorise oilfields in each country based on their location, type and size. They will also identify gas-oil production and own energy consumption volumes along with associated gas characteristics and its chemical composition.
The study, with a total estimated cost of €1 million funded from the EBRD's Shareholder Special Fund, will be carried out by a consortium led by the Norwegian consultancy "Carbon Limits" with the participation of local expert companies.



Nov. 10

Azerbaijani President receives Israeli minister of national infrastructure

President of Azerbaijan Ilham Aliyev has today received Israeli minister of national infrastructure Uzi Landau.
Minister Uzi Landau conveyed greetings of Israeli President Shimon Peres to the Head of State.

Cooperation in economy, industry and infrastructure spheres was stressed at the meeting.

The Head of State asked Uzi Landau to deliver his greetings to the Israeli Head of State.
Baku discusses Azerbaijani-Israeli relations
Israeli National Infrastructure Minister Uzi Landau today discusses prospects of bilateral cooperation in Baku, the country's Embassy in Azerbaijan told Trend.

The visit program includes meetings with the Industry and Energy Minister Natig Aliyev, Foreign Minister Elmar Mammadyarov and President of the Sate Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev.
In particular, during the talks Caspian oil supplies to Israel and prospects for development of Israel's fields will be discussed.
Landau also plans to meet with members of the Jewish community in Azerbaijan and the country's MPs.

Standard & Poor's classifies Azerbaijani gov't as supportive toward domestic banking system

Standard & Poor's Ratings Services said that it is maintaining its Banking Industry Country Risk Assessment (BICRA) on Azerbaijan at group '9'. Thus, Azerbaijan is ahead of Belarus, Greece and Vietnam. The banking sectors of Switzerland and Canada are the leaders in this list.

It is also maintaining the economic risk score at '8' and assigning an industry risk score of '9'. Standard & Poor's classified the Azerbaijan government as "supportive" toward the domestic banking system. Standard & Poor's recognizes the government's moderately successful track record of providing support to the banking system in times of stress. Azerbaijan's economy is considered to be highly concentrated, and dominated by the oil production sector. Compared with its peers, Azerbaijan's economy is less diversified; in 2010, the oil and gas sector accounted for about 95% of total exports and 50% of GDP.
Azerbaijan excluded from list of countries with African swine fever threat

The International Office of Epizootics (OIE) excluded Azerbaijan from a list of countries likely to be threatened by the spread of African swine fever. Azerbaijan was included in this list in 2008 due to an outbreak of plague in a village in the Gabala region. Due to the expiration of three year quarantine and the positive results of checks on animals in the village, Azerbaijan has now been excluded from this list.

SOCAR, Statoil to expand cooperation

The conclusion of the package of gas accords between Azerbaijan and Turkey gives Azerbaijan excellent opportunities to play an important role in the provision of European energy security under the Southern Energy Corridor, President of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev said at a meeting with President of Norway's Statoil Helge Lund in Baku. At the meeting, Lund voiced the intention of him-led company to raise cooperation with the SOCAR up to strategic level.

Nov. 11

Baku hosted Azerbaijan-Hungary business forum

An Azerbaijan-Hungary business forum has today been held here.
Presidents Ilham Aliyev of Azerbaijan and Pal Schmitt of Hungary attended the forum, trend reported.

The Heads of State were warmly welcomed by the event participants.
The Presidents addressed the business forum.

Azerbaijan, Hungary sign documents on economic cooperation
The Azerbaijani State Committee on Standardization, Metrology and Patents and the

Hungarian Trade Licensing Office signed a memorandum of understanding on technical cooperation in the field of metrology.
The document was undersigned by State Committee Chairman Ramiz Hasanov from the Azerbaijani side and Deputy Director General Peter Pakay from the Hungarian side.

The memorandum was signed in the framework of the second session of the intergovernmental commission on economic cooperation between Azerbaijan and Hungary in Baku.

A protocol was also signed following the meeting. It was undersigned by Economic Development Minister, Co-Chair of the intergovernmental comission Shahin Mustafayev and Secretary of the Hungarian National Economy Ministry Rose Nad.

The protocol assumes development of the sides' cooperation in industrial, agricultural, construction, transport, information -communication technologies, science and education, tourism, culture, environmental protection, financial, banking , health and other spheres.
Hungary ready to finance projects in Azerbaijan

Hungary made a proposal to open a trading house in Azerbaijan, a protocol signed at the end of the second meeting of the Azerbaijani-Hungarian Intergovernmental Commission for Economic Cooperation said. The Hungarian side expressed its intention to launch a program of trading houses to support small and medium entrepreneurship," he said. "The first step of this program is to open a trading house in Azerbaijan as a pilot project. The Azerbaijani side will support the implementation of the project. The sides also expressed their willingness to consider the opportunities for cooperation and exchange experience in the field of industrial and special economic zones.

Azerbaijan, Hungary to develop action plan in labor and employment
Azerbaijan has proposed developing a joint action plan with Hungary on cooperation in the field of labor and employment, a protocol signed following the second meeting of the Azerbaijani-Hungarian Intergovernmental Commission on Economic Cooperation says.

The plan will be developed based on existing inter-governmental agreement in this sphere.
In addition, Hungary has proposed to participate in projects on the construction and development of hospitals in Azerbaijan, as well as providing medical and sanitary equipment.

"Azerbaijani side has proposed establishing direct relations between universities of the two countries, conducting joint research on issues of mutual interest," the protocol says.
Hungary also made a proposal to establish a joint working group with the participation of companies and specialists in tourism sphere between the two countries. The sides agreed to establish a working group on ecological industry.

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