Last week review (May 30 - June 3)

May 30

President Ilham Aliyev attends opening of State Oil Company's new administrative building

The opening of the new administrative building of the State Oil Company of the Republic of Azerbaijan (SOCAR) has been held. President of the Republic of Azerbaijan Ilham Aliyev attended the ceremony. The 40-storey building is 200 meters height. The building was provided with the state-of-the-art technologies.

May 31

Major Chinese oil & and gas producer interested in SOCAR projects

The China National Petroleum Corporation (CNPC), China's largest oil and gas producer and supplier, is interested in participating in wide-range projects of the Azerbaijani state oil company SOCAR, the CNPC Board Member and Assistant President Wang Shihong said at a meeting with SOCAR's President Rovnag Abdullayev. "Various funds and export-import banks of China show great interest in Azerbaijan, especially in the energy sector," said Shihong. During the meeting, SOCAR held a presentation of the Oil & Gas Processing and Petrochemical Complex (OGPC) project for the Chinese side.

President Ilham Aliyev receives Senior Vice Premier of State Council of China

President of the Republic of Azerbaijan Ilham Aliyev has received a delegation led by member of the Standing Committee of Central Politburo of the Communist Party of the People's Republic of China, Senior Vice Premier of the State Council Zhang Gaoli.

June 1

President Aliyev: 2016 should be year of stabilization

2016 should be a year of stabilization, said Azerbaijani President Ilham Aliyev speaking at the opening of the 23rd International Caspian Oil & Gas Exhibition and Conference and the 6th Caspian International Power and Alternative Energy Exhibition in Baku.

"We are already witnessing it," he said. "The economic growth will be restored next year."

"Currently, we are seriously involved in the implementation of the Southern Gas Corridor project," said President Aliyev. "Meanwhile, probably, we are more seriously involved in economic diversification in order to completely overcome the dependence on the oil factor and to ensure sustainable economy in Azerbaijan. There is much to do in this sphere and 2016 is a test year for us and for all oil-rich countries," said President Aliyev.

President Aliyev hails Azerbaijan-UK mutual understanding and support

President Ilham Aliyev has received British Prime Ministerial Trade Envoy Baroness Nicholson. Noting that Azerbaijan and the UK enjoy very good bilateral relations, President Aliyev hailed the mutual understanding and mutual support between the two countries.

President Aliyev underlined Azerbaijan's interest in more active cooperation with British companies specializing in agriculture, technology, infrastructure projects and other fields, and emphasized the significance of the activities of the joint working group in this regard.

US State Dept: Azerbaijan reliable partner for enhancing energy security

Azerbaijan is a reliable partner for energy diversification and achieving common goals to improve energy security, said Robin Dunnigan, the US Department of State deputy assistant secretary for energy diplomacy at a meeting with Azerbaijan's Energy Minister Natig Aliyev in Baku. Azerbaijan's Energy Minister Natig Aliyev, in turn, said the work on the Southern Gas Corridor project is being conducted according to the schedule and 70 percent of the work on the Shah Deniz 2 and the South Caucasus Pipeline has already been completed.

The Azerbaijani minister also met with Michael Borrell, Total S.A. senior vice president of exploration & production for Continental Europe and Central Asia.

June 2

Azerbaijan initiates creation of Coordination committee for int'l North-South transport corridor

Azerbaijan has initiated the creation of a Coordination committee for the International North-South Transport Corridor (INSTC), Nadir Azmammadov, head of press service of Azerbaijan Railways CJSC, said. Chairman of Azerbaijan Railways Javid Gurbanov made the relevant proposal, which will allow to boost the development of this route, during the trilateral meeting with the President of Russian Railways Oleg Belozerov and the Head of the Iranian Railways Mohsen Pour Seyed Aghaei within the 11th International Rail Business Forum in Sochi (Russia). The meeting was also attended by the CEO of Finnish State Railways Mikael Aro. Participants of the meeting discussed the issue of attracting Finland to participate in the international North-South transport corridor.

UK invests $25B in Azerbaijan's economy

The United Kingdom has invested $25 billion in Azerbaijan's economy, said Shahin Mustafayev, Azerbaijan's economy minister at a meeting with Baroness Emma Nicholson in Baku. Mustafayev said Azerbaijan is interested in expanding the economic cooperation with the UK in such spheres of non-oil sector, as tourism, agriculture and investments.

Baroness Nicholson, in turn, said that in order to expand the export of Azerbaijani agriculture products, it is possible to cooperate with the UK National Farmers Union, as well as organize the mutual visits to study the agricultural and tourism opportunities.

June 3

President Aliyev: Azerbaijan one of most attractive countries for investments globally

Azerbaijanis have great business opportunities in various countries, Azerbaijan's President Ilham Aliyev said addressing the 4th Congress of World Azerbaijanis in Baku. He pointed out that over the last 20 years, since 1995 to date, over $200 billion was invested in Azerbaijan's economy. "Approximately half of those investments are foreign investments. There is a good investment climate in Azerbaijan and the business environment is improving day after day," said the president.

"All bureaucratic obstacles are being eliminated," President Aliyev added. "Especially, as a result of the decrees and orders signed since the beginning of the year, there has been a very serious turning point in this sphere. Full transparency is ensured." "We see the results of all of this in everyday life, in the statements and reports of influential international financial organizations," he said. "Therefore, Azerbaijan is one of the most attractive countries for investments on a global scale."

Azerbaijani president, Turkish PM hold meeting

Azerbaijani President Ilham Aliyev and Turkish Prime Minister Binali Yildirim, who is on official visit to the country, held a meeting. Successful development of brotherly and friendly relations between the two countries in all spheres was noted at the meeting.

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