Last week review (Nov. 17-21)

Nov. 17

Azerbaijan, UAE interested in mutual investments

Azerbaijan and the UAE can start cooperating in mutual investments, Minister of Economy of the United Arab Emirates, Sultan bin Saeed Al Mansoori, said at the fifth session of the Azerbaijan-UAE intergovernmental commission.

"A promising area of cooperation between our countries is the export of various goods," he said. "Azerbaijan has rich experience in the development of agriculture, power engineering, development of alternative and renewable energy sources. That's why, the exchange of experience in these areas is important. We also want to start cooperating in the field of mutual investments."

Azerbaijani Minister of Economy and Industry Shahin Mustafayev said that the issue of establishing the Baku-Abu Dhabi and Baku-Dubai Cooperation Committee, as well as a joint business council is being discussed.

Nov. 18

Azerbaijani state budget for 2015 prepared in terms of possible impact of global processes

Positive qualitative changes in the economy of Azerbaijan were reflected in the draft budget for 2015, said the Speaker of the Milli Majlis (Parliament) Ogtay Asadov at a plenary session of the Parliament to discuss the draft law On State Budget for 2015.

He said that the draft budget for 2015 has been prepared taking into account the real level of development of the country and the possible negative impact of economic and political processes taking place in the world.

"In connection with the ongoing events in the world economy the price of oil in the budget calculations was taken at the level of $90 per barrel," said the speaker. "This is a mobilizing factor for our financial and economic sectors."

Azerbaijan's Silk Way West Airlines granted US traffic rights

Silk Way West Airlines, the Azerbaijani freight specialist, has been granted a foreign carrier air permit by the US Department of Transportation (DoT) enabling it to offer both scheduled and charter cargo flights between Baku and New York JFK (John F. Kennedy International Airport), ch-aviation reported on its website.

Silk Way West Airlines - the all-cargo national carrier of Azerbaijan - offers scheduled flights to destinations across Europe, the Middle East, and Asia.

French company to build metro in Baku

The Azerbaijani closed joint-stock company Baku Metro and the French company Bouygues Travaux Publics signed a design and build contract worth around 147 million EUR for separation of the red and green lines of the May 28 station of the Baku metro, according to the website of the company Bouygues Construction.

Bouygues Travaux Publics will construct two caverns around the existing tubes, which will make it possible to build the new tunnels.

"The works are scheduled to begin in February 2015," the company said.

Nov. 20

Azerbaijan, Spain to open direct air service in 2015

It is planned to open a direct air service between Azerbaijan and Spain in 2015, Azerbaijan's Deputy Minister of Culture and Tourism Nazim Samadov said, Spanish Agencia EFE news agency reported.
Samadov said currently, the negotiations on opening a direct air service between Madrid and Baku are at the final stage.
The deputy minister said that the route is a big leap forward in facilitating the flow of tourists and spurring business between the two countries.

Nov. 21

Azerbaijan to export gas to Europe in 2020

The gas will be exported to Europe as part of the second stage of the Shah Deniz gas condensate field development in 2020, Southern Gas Corridor company head Afghan Isayev said during the "Oil and Gas Week 2014" conference in Baku.
He said that the gas supply to Turkey will begin as part of this project in 2018.
"The gas will be supplied to Europe due to the expansion of the South Caucasus Gas Pipeline up to 23.4 billion cubic meters per year, as well as the construction of the Trans-Anatolian and Trans-Adriatic Gas Pipelines," Isayev said.
"TANAP will be commissioned in 2018, while the TAP pipeline - in 2020."

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