Azerbaijan: passing through checkpoints to be eased

Azerbaijan will speed up the passage of foreigners and stateless persons through the border checkpoints with Russia, Turkey, Iran and Georgia, according to the decree signed by Azerbaijan’s President Ilham Aliyev on additional measures for developing tourism in the country. Jointly with the Foreign Ministry, State Customs Committee and the State Border Service, the Ministry…

Azerbaijan ahead of schedule on TANAP

The work within the Trans-Anatolian Natural Gas Pipeline (TANAP) project is underway in accordance with the plan, President of the Azerbaijani state oil company SOCAR Rovnag Abdullayev said. He said that there were no problems with the implementation of the project. “Partly, we are even ahead of schedule and 850 kilometers of pipes have been…

Azerbaijan invites Iranian businessmen for active co-op

Azerbaijan invites Iranian entrepreneurs to actively cooperate with local businessmen, said Azerbaijan’s Deputy Economy Minister Sahib Mammadov. Mammadov made the remarks during the Azerbaijani-Iranian business meeting in Baku. The meeting, organized by Azerbaijan Export and Investments Promotion Foundation (AZPROMO), was attended by more than 80 local and Iranian businessmen. Azerbaijani deputy minister said that Azerbaijan…

Russia: Uralkali board decisions

Uralkali, one of the world’s largest potash producers, announces the key decisions taken by its Board of Directors at a meeting on September 1. The board has approved of the list of candidates to be elected to the Board of Directors at Uralkali’s Extraordinary General Meeting (EGM), to be held on September 27: Dmitry Konyaev,…

Russia: 2016 GDP decline outlook worsened

Russia’s Economic Development Ministry has worsened its forecast for Russia’s gross domestic product (GDP) decline in 2016 to 0.5-0.6% from 0.2%, Minister Alexei Ulyukayev said.

The ministry’s basic forecast earlier implied a 0.2% GDP fall in 2016 with an annual average oil price of $40 per barrel. (Prime/Business World Magazine)

Russia: sunflower oil to get cheaper

Harvesting of sunflower and soybean has started in the southern regions of the Russian Federation and starting prices for raw materials of the new crop were announced in these regions. During last week Russian market of sunflower oil was characterized by a minimum volume of sales and a further decrease in producer prices. With increase…

Russia: gas wholesale domestic price to go up in 2017

The wholesale domestic price of Russian gas can increase by 2.5-3% in 2017, Deputy Economic Development Minister Nikolai Podguzov reported.

As regards the 2016 gas price increase, Podguzov said that the decision should be made by the Federal Antimonopoly Service. (Prime/Business World Magazine)

Russia: rapeseed crushing capacities up

Small-sized farm “Domashenkov A.G.” launched the first rapeseed crushing plant in Nizhegorodsk region with the project capacity of 12 KMT of rapeseed per day. Out of every MT of raw material the farmers plan to obtain 400 kg of vegoil and 600 kg of cake. According to Russian AgMin, thanks to the participation of farmers…

Russia: export duty on wheat annulled

The Russian government has annulled the wheat export duty for two years, Prime Minister Dmitry Medvedev said. “We have decided to annul the wheat export duty for the next two years. The grain market will receive an additional stimulus for growth as the result of this”, Medvedev said. Russia imposed the wheat export duty on…

Russia: Yamal LNG to get $400 million from JBIC

Yamal LNG liquefied natural gas plant project led by independent gas producer Novatek can receive a $400 million loan from the Japan Bank for International Cooperation (JBIC), Bloomberg reported citing JBIC CEO Tadashi Maeda. JBIC has almost finalized the agreement with the project and plans to sign a memorandum of understanding for strategic partnership with…

Russia: Uralkali decisions of EGM

On August 29, Uralkali held its Extraordinary General Meeting of Shareholders (EGM) where following decision has been made. The EGM approved of interested-party major transaction (a number of interrelated transactions) – placement of the company’s exchange traded bonds in favor of JSC Uralkali-Technology with a total nominal value of $800 million and with a value…

Ukraine: gas production up in January-August 2016

Natural gas production in Ukraine in January through August grew by 1.6%, or 211.4 million cubic metersYoY, to 13.379 billion cubic meters. Gas production in August alone was 1.684 bcm, up by 0.1% YoY (1.682 bcm), PJSC Ukrtransgaz reported. In particular, PJSC Ukrgazvydobuvannia produced 1.212 bcm of gas, PJSC Ukrnafta’s output was 107.8 mcm, and…

Ukraine: wheat stocks down

According to Ukrainian office of statistics, as of August 1, stocks of grains and legumes were at 23.9 MMT, down by 2.5% YoY (24.5 MMT). Wheat stocks decreased by 5%, to 16.62 MMT against 17.54 MMT as of August, 1 2015. Barley stocks dropped by 5%, to 3.958 MMT. Corn stocks are 18% lower than…

Russia: Ministry of Agriculture changes structure

The Ministry of Agriculture of Russia has made changes to the structure of its central administration unit, abolishing the agricultural and food market regulation, food and processing industry and creating two separate divisions. The Department of Agro-Industrial Market Regulation will be headed by Vladimir Volik and will focus on the strategic planning and management of…