MAIN NEWS
President Aliyev Appoints New Minister, Introduces Reforms in the Agricultural Sector
President Aliyev issued a decree on Saturday that aims to improve the management structure in the agricultural sector. The restructured Ministry of Agriculture will play a role in the executive power's central body, implementing the state policy and regulating economic relations in the agrarian sector.
The Agriculture Ministry incorporates the State Agency for Melioration and Water Conservancy, the State Veterinary Service, the State Service for Phytosanitary Monitoring and the State Agency for Agricultural Credits. more
South Caucasus Pipeline Construction Starts In Azerbaijan
Construction of the Azerbaijani sector of the South Caucasus Pipeline (SCP) started on Saturday. Welding operations are expected to take 10 months, and will take about 39,000 joints to be connected in Azerbaijan, BP Azerbaijan reported.
The Georgian section of the SCP will require 22000 pipe joints. The pipes, 42 inches in diameter and 11.6 meters per joint in length, are supplied by Sumitomo Corporation for the Azerbaijan and Georgia sections. more
Russian – Azerbaijani Border Opens
Russia has lifted restrictions on its border with Azerbaijan imposed since September 16. Russian authorities closed the border with Azerbaijan and Georgia on increased security concerns after the Beslan tragedy.
"All the restrictions had been lifted. Now citizens form both sides move through checkpoints freely, without any problem,” Head of the Khudat border patrol service Aydin Najafov reported to ANS regional bureau. more
President Aliyev receives US State Department Official to Discuss Bilateral Relations
President Ilham Aliyev met with Deputy Assistant Secretary of State, Laura Kennedy last Thursday. The President pointed out the great importance of the recent ceremony of linking the Azeri and Georgian sections of the Baku-Tbilisi-Ceyhan pipeline. He gave a high assessment to the support and role of the United States in implementing the project. Aliyev portrayed the projects as a good example of regional cooperation and the high level of US-Azerbaijani relations. more
ECONOMY
FDI and Domestic Investments Grow in 2004
The total capital investments in Azerbaijan's economy were AZM 17.6 trillion ($3.59 billion) during January - September, 2004. It exceeds the index of January-September 2003 by 45.3%, the State Statistics Committee reported. more
Progress on Poverty Reduction Strategy
The Government of Azerbaijan Submitted its Progress Report on Poverty Reduction Strategy to the International Monetary Fund (IMF). Last week, IMF Join Staff released its assessment of the progress report prepared by the government.
more
ENERGY
SOCAR Announces Tender For Azeri Light Consignment
The State Oil Company of the Azerbaijani Republic (SOCAR) has announced a tender for the seventh consignment in 2004 of Azeri Light oil from the Azeri-Chirag-Gunashli fields to be exported through the Baku-Supsa pipeline, a source in the company's marketing department told Interfax. The consignment will amount to 1 million barrels, to be shipped from the port of Supsa on November 21-22. Previous buyers are Italy's API Oil, Austrian OMV, Arcadia and Glencore. more
High Oil Prices Yield $56m to Azerbaijan
Excess oil revenues totaling 276 billion manats ($56.2m) have been accumulated by 1 July, 2004, given the high oil prices in the world markets, Finance Minister Avaz Alakbarov said.
The Minister said that additional 130 billion manats ($26.5m) generated in the third quarter of 2004 will be transferred to the Oil Fund shortly. 150-180 billion AZM more ($30-37 million) revenues from higher oil prices are expected to by the year-end. more
Prospects for Araz, Alov, Sharg Fields Exploration In 2005
In light of rising oil prices, considerable progress will be achieved in 2005 in the exploration and drilling operations on the prospective offshore fields Araz, Alov and Sharg, Chairman of Turkish Petroleum (TPAO), Mr. Osam Saim Dinc said. TPAO holds 10% in the Production Sharing Agreement for development of this field.
Dinc said that due to the ongoing increase in world oil prices, the company's shareholders are concerned with the non-operation of the deposits which contain considerable hydrocarbon reserves. He noted that he advocates exploring the oil and gas reserves of these fields soon, so that they will benefit the people in the littoral states. more
NON-OIL DEVELOPMENT
Securities Market Transactions Below 1% Of GDP
A seminar was held in Baku on Thursday as part of the “Development of Securities Market in Azerbaijan” project funded by the Council of Europe.
Chairman of the State Committee on Securities Heydar Babayev said the securities market has just been formed in the country. He said that legal framework has been created and pointed out the newly-established infrastructure, including the Baku Stock Exchange and activities of brokers. more
Siemens Establishes A Subsidiary In Baku
Siemens AG has established a subsidiary company in Azerbaijan. The company will mainly be developing the sale of equipment and services to cellular network operators and corporate clients, the general director of the local subsidiary, Mr. Samir Akhundov announced at a press conference on Friday. more
MEMBER AREA
Salans Awarded SOCAR Restructuring Contract
Salans, through its U.S. subsidiary, SHH International, has concluded a major contract to advise on the restructuring and commercialization of SOCAR, the State Oil Company of the Azerbaijan Republic. The project is funded under a US Trade Development Agency (USTDA) grant administered by the European Bank for Reconstruction and Development (EBRD).
This major project, which the firm won by competitive tender over more than a dozen other firms, will see Salans work in conjunction with consulting firms Taylor-DeJongh, PFC Energy and ICF Consulting. The first phase of the project is expected to last for 12 months. more
American International Group, Inc. Announces Launch of New Equipment Finance and Leasing Company
American International Group, Inc. (AIG) today announced the formation and launch of AIG Commercial Equipment Finance, Inc. (AIG CEF), a new equipment finance and leasing company headquartered in Plano, Texas. AIG CEF, a member company of American International Group, Inc., will provide equipment lending and leasing services to mid-size and large commercial enterprises throughout the United States, Canada and other selected international markets. more
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