Last week review (Sept. 19-23)

Sept. 19

Iranian companies invest $2.6B in Azerbaijan

Iranian companies have invested $2.6 billion in Azerbaijan’s economy, said Azerbaijan’s Deputy Economy Minister Sahil Babayev during Iran Project 2016 Exhibition in Baku.

The deputy minister said that only $145 million of this amount was invested in the non-oil sector. Around 450 companies with Iranian share operate in Azerbaijan, added Babayev.

Ilham Aliyev attends ground breaking ceremony of new facility

President of the Republic of Azerbaijan Ilham Aliyev has attended a ground breaking ceremony of a new bitumen production facility as part of reconstruction of the Heydar Aliyev Baku Oil Refinery. President of Azerbaijan State Oil Company Rovnag Abdullayev informed President Aliyev about the construction of the new bitumen production facility and the work to be carried out at the Heydar Aliyev Baku Oil Refinery as part of the reconstruction project.

SOFAZ invests in EBRD EPF Fund

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has made an investment commitment in the amount of 100 million euro in the first closing of the Equity Participation Fund (EPF), a debut fund managed by the European Bank for Reconstruction and Development (EBRD). The EPF is established to give institutional investors an opportunity to participate in the EBRD’s direct equity investment portfolio in Central and Eastern Europe, Central Asia and the southern and eastern Mediterranean region, as well as in Turkey, with the objective of achieving long term capital growth by making investments in financial, industrial, agricultural, infrastructure, and energy sectors.

Sept. 20

State property units privatized in Azerbaijan

Twenty four state property units were sold as part of another auction held by the Azerbaijani State Committee on Property Issues within the new privatization program in the country. As a result, some 1.1 million manats will be transferred to the country’s state budget.

Azerbaijan, Iran to build medicine plant in Pirallahi

The Azerbaijani-Iranian joint venture for medicine production will operate in the Pirallahi Industrial Park, Iranian Ambassador to Baku Mohsen Pak Ayeen said at the Azerbaijan-Iran business forum in Baku. Kambiz Amjadi, head of Iran's Darou Pakhsh Holding Company, earlier told Trend that more than $30 million will be invested in the creation of the pharmaceutical joint venture. Amjadi said 49 percent of the shares in the pharmaceutical company will belong to Iran and the 51 percent stake of the Azerbaijani side will be divided in two parts - 25 percent will go to the Azerbaijan Investment Company and 26 percent to Azersun Holding.

Sept. 21

Ilham Aliyev attends Zarba UAVs presentation

"AZAD Systems Co" production branch of the Azerbaijani Ministry of Defense Industry has presented "Zarba" unmanned aerial vehicles which have a modern intelligence element base and a tactical pernicious attack system. President of the Republic of Azerbaijan Ilham Aliyev attended the event.

Ilham Aliyev inaugurates Kurdamir-Ujar-Yevlakh-Tartar highway

President of the Republic of Azerbaijan Ilham Aliyev attended the opening of the newly renovated 87.5km section of Kurdamir-Ujar-Yevlakh-Tartar highway.

Ilham Aliyev lays foundation of Mingachevir Industrial Park

President of the Republic of Azerbaijan Ilham Aliyev has attended a groundbreaking ceremony of Mingachevir Industrial Park.

Sept. 22

Azerbaijani gov’t mulls 2017 state budget forecasts

Azerbaijan’s Cabinet of Ministers discussed the 2017 draft state budget and consolidated budget, the consolidated budget indicators for the next three years, including the concepts of social and economic indicators for 2017 and the next three years.

The discussions were chaired by Prime Minister Artur Rasizade.

Sept. 23

Silk Way West Airlines launches direct flights to Chicago

Silk Way West Airlines opened direct cargo flights between Baku and the largest transportation hub in the United States - Chicago (Illinois). The first flight from Heydar Aliyev International Airport to O'Hare International Airport was carried out.

Starting from October 2016, regular transatlantic flights of Silk Way West Airlines on this route will be operated twice a week with one of the most modern cargo aircrafts - Boeing 747-8F Freighter. Thus, the airline will further increase its presence in the freight transportation market in the United States.

SOCAR commissions waste oil recycling center in Baku

Azerbaijani state oil company SOCAR has commissioned a modern center for drilling waste management in Garadagh district of Baku. SOCAR President Rovnag Abdullayev, BP Regional President for Azerbaijan, Georgia and Turkey Gordon Birrell and representatives of SOCAR management took part in the opening ceremony. The total area of the center is 40 hectares with the possibility of expansion to 100 hectares. Two VacuDry units of Germany’s Econ company are installed in the center for processing of drill cuttings. These units make it possible to completely restore the drilling mud for the purpose of their reuse.

The production capacity of the center is 100,000 tons per year. The center is also designed for recycling of 26 different types of waste.

Iran's Energy Exchange announces products to be on sale on March 8
Iran's Energy Exchange announces products to be on sale on March 8
Turkmenistan's oil refining volumes exceed plan
Turkmenistan's oil refining volumes exceed plan
Uzbekneftegaz stabilizes pressure at gas pipelines of Mubarek oil & gas dep’t
Uzbekneftegaz stabilizes pressure at gas pipelines of Mubarek oil & gas dep’t
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