Weekly actual topics in Azerbaijan (May 11-15)

Azerbaijan wants to improve economic cooperation level with Saudi Arabia

Saudi Arabia will hold a joint business forum with Azerbaijan in November 2015, Azerbaijani Minister of Economy and Industry Shahin Mustafayev said at the Azerbaijani-Saudi Arabian business forum in Baku.

"We have already reached a preliminary agreement on holding another business forum in Saudi Arabia in November," he said.

He said that the current business forum between the two countries is the second one.

"The first business forum was held in December 2013 as part of the intergovernmental commission," he said.

He said that the relations between the two countries are at a high level, particularly in the political sphere.
"Azerbaijani President Ilham Aliyev's visit to Saudi Arabia in April 2015 can be called as the best index of relations between the countries," he said.

Mustafayev stressed the need to enhance the economic cooperation level up to the political one.

The minister regretted that the trade turnover between the countries does not correspond to the level of relations between the two countries.

"In this regard, it is important to expand relations between our entrepreneurs," he said.

"Azerbaijan is an attractive country for making investments. This is stipulated by a number of factors, including political and macroeconomic stability.

Mustafayev also stressed the need to establish a legal framework between the two countries.

"Azerbaijan and Saudi Arabia can cooperate in the fields of agriculture, ICT, industry, alternative energy," he said. "In these areas we have concrete projects. We invite Saudi Arabian businessmen's cooperation."

He also stressed the possibilities for making joint investments in the third countries.

He said that the agreements reached as part of today's business forum will be the basis for signing the new agreements in Saudi Arabia in November 2015.

The business forum is supported by the Ministry of Economy and Industry of Azerbaijan. It brings together the representatives of over 100 companies of Saudi Arabia.

According to the State Customs Committee of Azerbaijan, the trade turnover between Azerbaijan and Saudi Arabia as of 2014 amounted to $14.66 million, which is two times less compared to 2013. Some $14.5 million accounted for the imports of Saudi Arabian goods to Azerbaijan in 2014.

Moody's: Azerbaijan, Kazakhstan have more opportunities to cope with "oil" crisis

Azerbaijan and Kazakhstan are best placed among CIS countries to navigate the challenging macroeconomic conditions caused by oil price fall and economic situation in Russia, says Moody's Investors Service in its annual CIS Sovereign Outlook.

Azerbaijan and Kazakhstan have large reserve buffers and are not involved in the conflict in Ukraine, Moody's said.

Countries in the Commonwealth of Independent States (CIS) will continue to be affected by oil price movements and Russian spillovers in 2015-2016.

Russia's recession continues to adversely affect the macroeconomic environment of other CIS countries, says Moody's.

"We expect that challenging conditions for CIS countries will continue to persist over the next 12 to 18 months," says Ernest Sergenti, an analyst at Moody's.

"Despite the recent recovery, oil prices remain at suppressed levels and continue to affect oil exporters," he said. "Meanwhile, the outlook for net energy importers remains bleak as they rely heavily on Russia for remittances, trade and finance. Other challenges some countries face include exposure to the Ukraine crisis and weak banking systems."

Although the CIS region's three net energy exporters - Azerbaijan, Kazakhstan and Russia -- have low debt-to-GDP ratios and gross borrowing requirements, uncertainty around future oil prices and geopolitical concerns weigh on the credit quality of these countries, in Moody's view.

Within the CIS region, Moody's has a negative outlook on the ratings of four sovereigns (Armenia, Belarus, Russia, Ukraine) and a stable outlook on three (Azerbaijan, Kazakhstan and Moldova).

EBRD keeps economic growth forecast for Azerbaijan unchanged

The European Bank for Reconstruction and Development (EBRD) kept the forecast of the economic growth in Azerbaijan in 2015-2016 at 1.5 percent, according to EBRD's updated report, the Regional Economic Prospects. The report was posted on EBRD website.

The GDP growth in Azerbaijan in 2014 was 2.8 percent, and in the first quarter of 2015 it stood at 5.3 percent.

EBRD said despite the Azerbaijani manat's devaluation on February 21 negatively affected the banking sector, it helped buttress the fiscal revenue impact of declining oil revenues and competitiveness.

The report also said that low oil prices negatively affected trade balance of Azerbaijan, and international reserves remained under pressure, declining by 14 percent month-on-month in March to the lowest level since late-2011.

The forecast of Azerbaijan's GDP growth is one of the highest in the Eastern Europe and the Caucasus.

For instance, in Armenia, this year EBRD expects a negative GDP growth (1.5 percent) and an increase of one percent in 2016, in Moldova: -2.0 percent and 1.5 percent increase respectively, in Russia: -4.5 percent and 1.8 percent, respectively, in Ukraine: -7.5 percent and three percent respectively.

A negative growth of 2.5 percent is expected in Belarus in 2015, and a zero growth is expected in 2016.

EBRD expects the GDP growth in Georgia in 2015 to stand at 2.3 percent, and at 2.6 percent in 2016.

EBRD's analysts believe that a negative GDP growth of 3.3 percent in 2015 and an increase of 1.8 percent in 2016 are expected in Eastern Europe and the Caucasus.

The Asian Development Bank (ADB) forecasts a three percent economic growth in Azerbaijan in 2015.

The International Monetary Fund (IMF) expects a 0.6 percent growth this year, and a 2.5 percent growth in 2016.

Azerbaijan's government expects that this year the GDP growth will be 4.4 percent.

Azerbaijan-Greece DESFA deal: EU urges to comply with rules

All parties to commercial projects are first of all subject to litigation rules set up by the respective project contract, head of the EU Delegation to Azerbaijan Malena Mard said.

She was commenting on the statement made by the new Greek government saying that the previously signed agreement on TAP gas pipeline is unprofitable.

SOCAR won a tender in December 2013 on the sale of the 66-percent stake in DESFA for 400 million euros. In November 2014, the European Commission started an investigation into the compliance of the deal on acquisition of a stake in DESFA with the EU's regulations.

Malena Mard said that the EU is a union built on the principle of the rule of law, all member states are obliged to comply with existing rules, norms and procedures that form the legal basis of the EU.

Mard further spoke on the issue of promotion of the agreement on the purchase of Greek DESFA gas transportation operator by the State Oil Company of Azerbaijan.

"The status in the implementation of the DESFA purchase agreement is what is called compatibility examination of the agreement with existing market rules," she said. "This is a standard procedure and not directed against any of the parties involved in the contract."

Mard added that in general, good progress is observed on the EU's Strategic Energy partnership with Azerbaijan to improve European energy security and the diversification of energy supplies. "The commitment to implementing the Southern Gas Corridor is of utmost importance."

The Southern Gas Corridor will allow Europe to diversify its hydrocarbon supply sources and strengthen energy security and also will allow Azerbaijan to obtain a new market in Europe. Azerbaijani gas is designed to open the Southern Gas Corridor.

As part of ensuring Azerbaijani gas supply to the European market, the final investment decision was made on Dec.17, 2013 on the Stage 2 of the Shah Deniz offshore gas and condensate field's development. The gas produced at this field will first go to the European market (10 billion cubic meters), while six billion cubic meters of gas will be annually delivered to Turkey.

The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field's reserve is estimated at 1.2 trillion cubic meters of gas and 240 million tonnes of condensate.

As part of the second stage of the field's development, gas will be exported to Turkey and European markets by expanding the South Caucasus gas pipeline and the construction of Trans-Anatolian (TANAP) and Trans-Adriatic (TAP) gas pipelines.

Subscribe to Trend in Google News! Subscribe
Truck collides with passenger bus in Baku (PHOTO)
Truck collides with passenger bus in Baku (PHOTO)
Nizami Ganjavi International Center hosts side event as part of UN General Assembly's 76th session  (VIDEO)
Nizami Ganjavi International Center hosts side event as part of UN General Assembly's 76th session (VIDEO)
Indian gov't says 75 pct of stolen heritage returned during last seven years
Indian gov't says 75 pct of stolen heritage returned during last seven years
Loading Bars
Latest
TBC Capital publishes Georgia’s weekly economic review
Oil rebounds above $71 on Omicron hopes, Iran talks
President Ilham Aliyev, First Lady Mehriban Aliyeva meet with residents of Gonagkand settlement
Israeli firm to sell HSBC Tower in New York for $855 million
Iran reveals COVID-19 data for December 6
President Ilham Aliyev, First Lady Mehriban Aliyeva view conditions created at newly built Culture House in Gonagkand
President Ilham Aliyev, First Lady Mehriban Aliyeva view conditions created at secondary school No1 in Guba
President Ilham Aliyev, First Lady Mehriban Aliyeva attend opening of Guba Abad Factory enterprise (PHOTO)
President Ilham Aliyev inaugurates Guba-Gonagkand highway
President Ilham Aliyev and First Lady Mehriban Aliyeva view conditions created at Guba Olympic Sports Complex
Crisis center discloses 32,136 new coronavirus cases in Russia over past 24 hours
Chevron to expand investments in Kazakhstan’s Tengiz field dev't
Famous scientist talks about significance of victory in Azerbaijan’s Karabakh (PHOTO)
Iran shares data on cargo transportation
President Ilham Aliyev and First Lady Mehriban Aliyeva arrive in Guba district for visit (PHOTO)
Azerbaijan prepares bill on repatriation of people to Karabakh – state committee
Azerbaijani State Oil Fund’s estimates on oil, gas transportation revenues for 2022 unveiled
Azerbaijan gives update on mine clearance work in liberated lands
Azerbaijan’s 10M2021 volume of goods exports via stationary vehicles increases
State Oil Fund of Azerbaijan forecasts revenues and expenditures for 2022
Azerbaijan’s forecast for oil production from Bahar field in 2022 revealed
Cargo movements in Iran’s Noshahr Port down
India, Russia to ink number of pacts during Modi-Putin summit on Dec 6
India clears plan to make AK-203 assault rifles with Russia
Georgia to reduce external debt and budget deficit in 2022 – PM
From buyer of military goods, India wants to become Russia’s ‘development & production’ partner
Georgia, US discuss wine exports potential
EU, UNDP to implement project for green economy transition in Uzbekistan
Imperial Springs Forum 2021 concluded (PHOTO)
Private investment to pick up: CEA Krishnamurthy V Subramanian
Bangladesh, India: Celebrating 50 years of friendship
Georgia's coal production up
Uzbekistan shares data on sales of oil and gas products in 11M2021
Uzbekistan and Kazakhstan sign trade contracts and bilateral agreements
Azerbaijan shares forecast on volume of oil production from ACG field for 2022
Iran records increase in cargo transportation via Bushehr International Airport
bp presented laboratory to be named after Nobel Prize winner
Azerbaijan provides with insurance payments heirs of martyrs, soldiers wounded due to Armenian provocation on Nov. 16
Azerbaijan projects growth in gas production from Shah Deniz field in 2022
Iran sees decrease in number of new mines
Volume of loaded/unloaded cargo in Iran’s Anzali port climbs
EIA names factors triggering wider spread between sweet and sour crude oils
Azerbaijan to install seismic stations in liberated lands until 2025
VISA talks investments in dev’t of its own IT-technologies (Exclusive)
‘Tripartite contract’ could turn Iran into regional transit center - Iranian president
Iranian President talks about nuclear discussions
Financial market of Azerbaijan – review of week’s main events
Equinor to acquire 45% stake in Noriker Power Limited
Iran's SATBA reveals details of country's renewable energy generation
Iran's NIORDC to sign contract for producing dual-fuel taxis with local manufacturer
Private investors in Iran apply to boost renewable energy development countrywide
New economy building must be ensured in Azerbaijan's Karabakh - president's special representative
Azerbaijan reveals insurance payments to heirs of servicemen who died in helicopter crash
Azerbaijan pays great attention to dev’t of innovations, technologies - executive power
Iran to unveil plan for development of rail fleet for its mines
TAP’s technical forward capacity by Dec.12
Only innovative technology-based enterprises to function in Azerbaijan's liberated lands - deputy minister
Physical gas flows, nominations at TAP’s interconnections
Azerbaijan creating innovative financial, banking services in Karabakh
Participants of Second Karabakh war, families of martyrs living, working in Azerbaijan’s liberated territories to be provided with benefits
Negotiations with several enterprises to attract investors to Aghdam industrial park nearing completion – deputy minister (PHOTO)
Iran eyes increase in activities in Chabahar port
Iran records increase in exports from Gilan Province
Turkey discloses cargo shipments via its ports from Bulgaria in 10M2021
Azerbaijan eyes several directions for innovative development of liberated areas - deputy minister
UK to require travelers from Azerbaijan to submit negative PCR test
Iran sets increase of monthly salary in budget bill for next year
Decision makers in Iran realize going forward without JCPOA is wrong - analyst
Iran negotiating with Russia to lift bell pepper export restrictions
Pace of LNG supply growth in Asia forecast to slow down
Mariana Vasileva expresses gratitude to President Ilham Aliyev, First Vice-President Mehriban Aliyeva
Iran set to reform its insurance sector
Iran relying on domestic car manufacturers to increase production by 2025
Global LNG sector poised to post healthy export growth this year
Georgia releases COVID-19 data for December 6
Iran planning to increase steel production for domestic needs and export
Iran to reform rules for startup companies to participate in stock market deals
Azerbaijani currency rates for December 6
Iran hopes to raise local car manufacturing
Iranian currency rates for December 6
CAMEX International launches cargo airline in Georgia
Overall index of the Tehran Stock Exchange drops on December 5
Turkey reveals cargo traffic via its ports from US for 10M2021
Azerbaijan shows footage from Kalbajar's liberated Kechiligaya village (VIDEO)
Uzbekistan shares domestic COVID-19 data for December 5
Turkey discloses number of docking ships at Bandirma port for 10M2021
Azerbaijan discloses turnover of investment companies for 11M2021
Uzbek Direct Investment Fund and South Korean company co-op to attract investments
Cargo movements in Iran’s Bushehr port up
Iran shares data on exports via customs of Semnan Province
Azerbaijan interested in Turkish "Hürkuş" trainer aircraft - Turkish Defense Industry
Cargo transportation via Iran's Kerman International Airport soars
IRICA reveals data on Iran’s saffron exports
Weekly review of Azerbaijani oil prices
Poor weather hampers search and rescue efforts at Indonesia volcano
S.Korean president's approval rating rises to 40.5 pct: poll
Iran's trade turnover with Azerbaijan booming - IRICA
Kazakhstan adds 632 new daily cases of COVID-19
Bob Dole, longtime U.S. senator, presidential candidate, dies at 98
Hamilton wins wild Saudi GP to set up F1 title showdown
All news