Last week review (Aug. 22-26)

Aug. 24

ADB approves multi-million loan to Azerbaijan

The Asian Development Bank (ADB) has approved the fourth tranche worth $75 million as part of the ‘Azerbaijan: Water Supply and Sanitation Investment Program’, said a message posted on the bank's website. According to the message, the first three tranches of the multi-tranche financing facility (MFF) financed construction of water networks in Goychay, Agdash, Beylagan, Agjabadi, Nakhchivan. The fourth tranche will be used to complete work in Agdash and Beylagan towns. According to the message, water supply system efficiency will be improved through rehabilitation and replacement and coverage expansion in Agdash sewerage. The sanitation system efficiency will be improved through construction and coverage expansion in Agdash and Beylagan towns, the message said. The total cost of the work is $100 million. The Azerbaijani government will provide some $25 million for the project implementation.

ADB postpones loan allocation for North-South project

The Asian Development Bank (ADB) has postponed the consideration of allocating a $200 million loan for implementation of the International North-South Transportation Corridor project, as well as for development of Azerbaijan’s railway sector, till the next year, said an ADB message on its website. Earlier, the bank’s management planned to hold the project’s overview on Dec. 12, 2016, however, this period has been currently postponed till Apr. 15, 2017. The infrastructure rehabilitation of the North-South railway envisages the repair and rehabilitation of 441 kilometers of single track between Baku and Yalama, the development of computerized freight operation management system and consulting service support to project implementation.

Aug. 25

TANAP pipeline's construction in line with schedule

The work on construction of the Trans Anatolian Pipeline (TANAP) continues in line with the schedule. It was noted during the meeting of the TANAP Consortium’s management that was dedicated to the results of the first half of 2016 and the upcoming tasks, said a message from Azerbaijan’s state oil company SOCAR posted on its website. SOCAR President Rovnag Abdullayev was on a visit to Turkey. After the meeting, Rovnag Abdullayev met with Turkey’s Minister of Energy and Natural Resources Berat Albayrak. The minister spoke about the status of projects implemented in Turkey and planned activities.

Aug. 26

Winemakers Association to be established in Azerbaijan

The Winemakers Association will be established in Azerbaijan, the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) said. According to the message, the decision was made at a meeting between AZPROMO management and the representatives of local companies engaged in the wine production and sale. The activity, aimed at promoting local wine export, as well as the offers of the companies, operating in this field, were discussed at the meeting, the message said.

Aug. 27

Fitch Ratings: Azerbaijan to keep social, political stability

Fitch Ratings assumes that Azerbaijan will continue to experience broad social and political stability and there will be no prolonged escalation with Armenia regarding the Nagorno-Karabakh conflict to a level that would affect economic and financial stability, according to the agency’s report posted on its website. Fitch Ratings has affirmed Azerbaijan's Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) at 'BB+'.

The issue rating on Azerbaijan's senior unsecured Foreign-Currency bond has also been affirmed at 'BB+'. The Country Ceiling has been affirmed at 'BB+'. The Short-Term Foreign- and Local-Currency IDRs have been affirmed at 'B' and the issue rating on Azerbaijan's senior unsecured Short-Term Local-Currency bond has been affirmed at 'B'.

Azerbaijan's 'BB+' ratings balance a strong external balance sheet and low government debt, stemming from previous years of high oil revenues, according to the agency.

McKinsey to develop road map for Azerbaijan's economy

Azerbaijan hired McKinsey & Company, a worldwide management consulting firm, to develop a road map for the country's economy to 2025 and beyond, the Financial Times reported. “We were expecting to enter the post-oil era in about 10-15 years, but we have practically found ourselves in that situation already today,” Financial Times quoted Natiq Amirov, Azerbaijani presidential aide on economic reforms, as saying.

Iran's power consumption reduced by Omid plan
Iran's power consumption reduced by Omid plan
Iran to inaugurate more projects in free economic zones
Iran to inaugurate more projects in free economic zones
Iran has developed steel supply chain - Iranian President
Iran has developed steel supply chain - Iranian President
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Iran's power consumption reduced by Omid plan
Iran to inaugurate more projects in free economic zones
Iran has developed steel supply chain - Iranian President
Iran's Securities and Exchanges Organization talks number of investors in capital market
Iran’s Bahar Azadi gold coin price rising
Volume of dry-farming land in Iran increases
Iran's NISOC begins excavations on its territory
Iran’s South Pars Gas Company reveals production data of its refinery
Iran waits for Europeans to comply with the JCPOA - MFA
Iran to make decision whether to open schools after Nowruz holiday
Production of LPG-fueled cars in Iran's interests - Chamber of Commerce
Armenia's war crimes exposed at UN Congress
Azerbaijan sees growth in Jan.2021 transactions via clearing system for small payments
Iran boosts car manufacturing
Spanish La Vanguardia: Return to Azerbaijan's Karabakh after war
Azerbaijan’s export of ferrous metal products down
Turkmenbashi Oil Refineries opens tender for purchase of gasoline
Britain's M&S expands online business to over 100 markets
Dustbin of history - place for former Armenian president Kocharian, 'Karabakh clan' - historian
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Turkey’s food retail chain Migros to bolster gender-equal workforce and greener stores
Iran Mercantile Exchange working to expand sale of goods
Iran reveals COVID-19 data for March 8
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IMF, Georgia review agenda of bilateral cooperation
Iranian President and Irish FM discuss JCPOA
Iran reserves strategic basic goods
Iran’s Rouhani asks for release of frozen assets in Iraqi banks
Iranian parliament approves increase of salaries to aid low incomes
Iran not to allocate Nowruz gasoline quota due to COVID-19
Uzbekneftegaz establishing production of import-substituting products for industrial enterprises
Iran to obtain its funds frozen in Iraq
Georgia opens new enterprise with support of Rural Development Agency
Interest in entrepreneurship growing among women in Azerbaijan
Export of cotton from Azerbaijan greatly increases in Jan. 2021
Mubarek oil&gas production dep’t owned by Uzbekneftegaz to increase natural gas production
Uzbekistan reveals its COVID-19 data for March 8
Iran unveils number of mining facilities put into operation
Japanese businessmen visit Azerbaijan’s Guba genocide memorial complex (PHOTO)
Development of Iran's Siyahmakan oil field launched
Nearly half of non-oil sector taxes in Azerbaijan falls on mobile operator in 2020
Azerbaijan's Azercell reveals number of processed requests in 2020
Azerbaijan's Jan. 2021 imports from EU show increase
Accumulative life insurance market in Azerbaijan grows
Iran capable of building long water transfer pipelines - Iranian VP
Deliveroo launches London IPO after business surges in 2020
Iran to publish final report of the downed Ukrainian jet soon
No direct or indirect relations between Iran and US - Iranian Foreign Ministry
Approval of FATF related bills would increase Iran's export revenue - Iranian Union
Iranian medicine importers awaiting approval of FATF related conventions
Turkey records slight decrease in car exports abroad
Cement exports from Turkey to global markets grow
Azerbaijan shows footage from Zangilan's Garagoz village (VIDEO)
Turkey's revenues from export of grains, legumes to global markets up
Moscow hosts opening ceremony of another 'Gifts of Azerbaijan' stand
Turkmenistan sells diesel fuel, gasoline to number of countries
Baku celebrating International Women's Day (PHOTO)
Kazakhstan's exports to Portugal plummet amid COVID-19
Kazakhstan boosts trade turnover with Lithuania
Oil supply to exceed demand in 2022, says JP Morgan
Georgia sees decrease in COVID-19 cases
Uzbekistan's gold deposit ranks in list of world's biggest gold mines by production
Azerbaijan's digital infrastructure project to generate Digital Silk Road between Europe, C.Asia
U.S. says all options on table for a decision on Afghanistan
Growth rate of agricultural production in Turkmenistan increases
Uzbekneftegaz reveals volume of oil products manufactured in 2M2021
Azerbaijan's First VP congratulates Azerbaijani women on International Women's Day
JP Morgan reveals 2021 oil demand & supply forecasts
Boom in Iran's housing sector create new jobs for local force
JP Morgan says OPEC to boost supply in 2021
OPEC crude output to exceed 30 mbpd in 2022 – JP Morgan
Uzbekistan, India talk mutual phytosanitary permits for agricultural products
Turkmenistan exceeds plan for transport, communication sector
Weekly review of Azerbaijani oil market
Nepal PM Oli receives first jab of Indian-made COVID-19 vaccine
Iran's economic development declines
IAM Construction LLC to reconstruct facility in Azerbaijan’s Seaside Park
Azerbaijan’s state interests on Azerbaijani-Armenian border protected at highest level
China's focus on annual GDP targets gives greater policy flexibility
Iran's CBI reveals amount of loans issued in Iran's trade sector
Buy/sell operations at Iran Mercantile Exchange on the rise
Iran kicks off development of Ramin oil field in Khuzestan Province
Iran reveals amount of loans issued in housing and construction sector
Iranian currency rates for March 8
Iranian banks issue big loans to agricultural sector
Iran boosts development of Zilayi oil field
Iran boosts exports via Zanjan Province
Iran's exports to Azerbaijan not on high enough level - Ali Jahangiri
State Oil Fund of Azerbaijan enters top five most transparent sovereign wealth funds
Large-amount loans issued in Iran's services sector
Excavations at Iran's South Pars gas field continue
Significant work done on water and electricity sectors in Iran – minister
Azerbaijan’s Buta Airways low-cost airline to resume flights from Baku to Ukraine’s Kyiv
Iran implements plan to maintain, increase extraction from several oil fields
Turkmenistan sees increase in trade turnover volumes
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