Last week review (March 28-April 1)

Analysis Materials 4 April 2016 17:48 (UTC +04:00)

March 29

SOCAR to assess investment proposals of Japanese companies

Azerbaijan's state oil company SOCAR will conduct the technical assessment of Japanese companies' proposals on investment in Azerbaijan's oil and gas sector, SOCAR's President Rovnag Abdullayev said. He made the remarks during the meeting with Japan's extraordinary and plenipotentiary Ambassador to Azerbaijan, Tsuguo Takahashi.

The prospects of Japanese companies' participation in the Oil and Gas processing and Petrochemical Complex's (OGPC) construction project are being discussed, said Abdullayev.

Japan's ambassador, in turn, confirmed the interest of Japanese companies in continuing the cooperation with Azerbaijan.

WB approves loan for highway construction in Azerbaijan

The board of directors of the World Bank (WB) today approved the additional $140 million to fund the expansion of the Baku-Shamakhi highway, said in statement of the WB.

The loan will be issued through the International Bank for Reconstruction and Development (IBRD), which is a part of the WB group. The total additional funds for the project hit $186.6 million. Out of this, $46.6 million account for the government's share.

Azerbaijan, Indonesia to cooperate in energy sphere

Azerbaijan and Indonesia work on a draft memorandum of understanding (MoU) for cooperation in the field of energy and mineral resources, a message issued by Azerbaijan's Energy Ministry said. The draft document was discussed at the meeting of Azerbaijan's Deputy Energy Minister Natig Abbasov with Indonesia's newly appointed ambassador Husnan Vanani, said the message. The parties also discussed the investment possibilities in Azerbaijan's oil and gas sector, issues on experience exchange and prospects of increasing oil supply to Indonesia.

March 30

Asian Development Bank reveals 2016 forecasts for Azerbaijan

Azerbaijan's GDP will grow by 1 percent in 2017, said the Asian Development Outlook -2016 report issued by the Asian Development Bank (ADB). Continued weakness in oil prices is projected to cause GDP to contract by 1 percent in 2016 before recovering to 1 percent growth in 2017 as oil prices revive, according to the ADB forecasts. Earlier, the bank forecasted Azerbaijan's GDP growth at 2.8 percent in 2016. ADB experts believe that the inflation rate in Azerbaijan will be 12 percent in 2016, but it will drop to 5.7 percent in 2017.

President Ilham Aliyev meets with US Secretary of Commerce Penny Pritzker

President of the Republic of Azerbaijan Ilham Aliyev has met with the United States Secretary of Commerce Penny Pritzker.

They discussed ongoing economic processes in Azerbaijan, measures taken in the country to prevent and eliminate unemployment, the role of customs and tax reforms in developing the national economy, as well as prospects for cooperation in the field of agriculture, and ways of expanding trade relations. They also discussed the expansion of Azerbaijan-US energy cooperation, and the activity of American companies in Azerbaijan.

March 31

President Ilham Aliyev meets with Vice Chairman of General Electric

President of the Republic of Azerbaijan Ilham Aliyev has met with vice chairman of General Electric John G. Rice in Washington.
He highlighted the activity of GE, particularly the company's work in Azerbaijan. John Rice commended his company's participation in several projects in Azerbaijan. The head of state spoke about measures taken to modernize the Azerbaijani economy, implement infrastructure projects and improve business environment.

President Ilham Aliyev meets with Chairman and President of Export-Import Bank of the United States

President of the Republic of Azerbaijan Ilham Aliyev has met with Chairman and President of Export-Import Bank of the United States Fred P. Hochberg.

They exchanged views over opportunities for cooperation with Ex-Im Bank on several projects to be implemented in Azerbaijan, as well as in the fields of electric power, gas, irrigation and cotton growing. They also exchanged views on opportunities for cooperation in the East-West transport corridor, shipment and other fields.