Last week review (Apr.7-10)

April 6

Azerbaijani president meets with president of Islamic Development Bank Group

President of the Republic of Azerbaijan Ilham Aliyev has met with President of the Islamic Development Bank Group Ahmad Mohamed Ali in Jeddah. The parties exchanged views over the issue of involving other partners in the bilateral cooperation.

April 7

SOCAR decides on EPC-contractor for polypropylene production project

Companies Tecnimont and Kinetics Technology, which are part of the Maire Tecnimont group, reached an agreement with SOCAR (State Oil Company of Azerbaijan) for the implementation of EPC-contract for the construction of polypropylene production within the framework of the SOCAR Polymer project. The total contract value is approximately 350 million euros. The contract provides for rendering full technical services, procurement, installation work and construction activity before commissioning the project, as well as its trial.

SOCAR Polymer project is implemented in Sumgait Chemical Industrial Park. This project will make it possible to produce 180,000 metric tons of polypropylene and 120,000 metric tons of polyethylene per year. Most of the production is planned to be sent to markets of Turkey and countries of Western Europe.

April 8

Turkey, Azerbaijan play significant role in bringing region's states together

Turkey and Azerbaijan play a significant role in bringing together and enhancing the relations between the region's countries, head of the Public and Political Issues Department of Azerbaijani Presidential Administration, presidential aide Ali Hasanov said during his visit to Turkey. Hasanov attended the 18th Eurasian Economic Summit organized by the Marmara Group Foundation. "As a formation that brings together more than 30 countries, the Eurasian Economic Summit is important not only in bringing Turkey and Azerbaijan together but also in increasing the relations between countries in the region."

April 9

EU expects first gas to come from Azerbaijan in 2020

The European Union expects the first gas to come from Azerbaijan as part of the Southern Gas Corridor project in 2020, the head of the EU delegation to Azerbaijan, Malena Mard, said. She made the remarks at the 8th Caspian Oil and Gas Trading and Transportation Conference, held in Baku, Azerbaijan. "Azerbaijan is an important trade partner of the EU," Mard said. "We look forward to the further expansion of trade relations with Azerbaijan."

She added that the bases for a long-term cooperation in the energy sector were laid with the launch of the Southern Gas Corridor project. "For its part, the EU will do everything necessary to complete the work on time. We have no doubt in the timely implementation of the project and look forward to receiving Azerbaijan's gas in 2020," Mard further noted.

Azerbaijan's TASIM project comparable with TANAP in terms of importance

The Trans-Eurasian Information Super Highway (TASIM) will be at least as important as the Trans Anatolian Natural Gas Project (TANAP), Azerbaijan's Minister of Communications and High Technologies Ali Abbasov said.

When TASIM will be [fully] realized, it will be as important as TANAP, said the minister in the interview with Hurriyet Daily News, during the visit to Istanbul.

Abbasov said Baku and Ankara have a joint project that will open access for Azerbaijani and Turkish businessmen to the markets of the two countries and expand the export and trade opportunities of the two countries' companies.

ADB approves business plan for operations in Azerbaijan for 2015-2017

The Asian Development Bank (ADB) has approved the business plan for operations in Azerbaijan for 2015-2017, the bank said. Under the new business plan, in 2015-2017, Azerbaijan will receive funds from ADB only as ordinary capital resources. Approximate resources available to finance sovereign operations in 2015-2017 will amount to $586 million, and the proposed lending program - $715 million. ADB funds will be spent on water, transport and energy projects.

Government of Afghanistan waits for Azerbaijani investments

"Azerbaijan and Afghanistan have agreed to use the full potential to intensify cooperation," Afghanistan's Minister of Mines and Petroleum Daud Shah Saba said, commenting on the talks in Baku. "I hope that this visit will contribute to increasing the level of cooperation, in particular create opportunities for Azerbaijani investments in Afghanistan."

Daud Shah Saba and Special Representative of President of Afghanistan for CIS states Mohammad Shaker Kargar are on visit to Azerbaijan. During the visit, Afghan officials hold meetings with Azerbaijani leadership.

April 10

Azerbaijan set no bans on issuing credits in national currency

The Central Bank of Azerbaijan (CBA) did has not prohibited banks to issue credits in manats, the CBA said. The Central Bank has denied the information spread by some media outlets about the ban on lending in manats. "By the law, banks operating in the country are free to choose in which currency to lend," said the message.

Currently, the country's banks continue to issue credits both in national and foreign currencies, the Central Bank said.

President Aliyev: Azerbaijan's dynamic development not affected by sharp decline in oil prices

The sharp decline in oil prices on world markets has not affected the dynamic development of Azerbaijan, said the country's President Ilham Aliyev. He made the remarks at a meeting of the Cabinet of Ministers dedicated to the social and economic development in the first quarter of 2015 and the tasks ahead.

The president said the results of the first quarter of 2015 were positive, and the GDP grew by over five percent in this period. He added that a dynamic development was ensured in Azerbaijan, and in the last three months, the non-oil sector grew by over seven percent, industrial production by four percent, and agriculture by three percent.

April 11

President Ilham Aliyev reviews tea processing factory of Astarachay LLC

President of the Republic of Azerbaijan Ilham Aliyev has reviewed a tea processing factory of Astarachay LLC.

President Ilham Aliyev was informed that Astarachay farm was created in 2010. The farm occupies a total area of 640 hectares. Tea plantations cover an area of nearly 400 hectares.
The tea processing factory has been built on the basis of a layout made by a South Korean company. The facility, which occupies a total area of 4.5 hectares, has state-of-the-art weighing and folding equipment.

UAE’s activity on Turkmenistan’s exchange in November
UAE’s activity on Turkmenistan’s exchange in November
Kazakhstan Development Bank to co-op to promote EAEU integration
Kazakhstan Development Bank to co-op to promote EAEU integration
Karabakh to become ecotourism center of regional importance - Association of Hotels and Restaurants of Azerbaijan
Karabakh to become ecotourism center of regional importance - Association of Hotels and Restaurants of Azerbaijan
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Kazakhstan launches electricity production project in its Mangystau region
FAO supports innovation in Uzbekistan’s silk industry
Baku Refinery exceeds plans for crude oil refining
Azerbaijani oil price on the rise
Uzbekistan to introduce mechanism for calculating property tax based on cadastral value
New fresh water deposits discovered in Turkmenistan
Kazakhstan records improving main indicators of stock market
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