Azerbaijan: EBRD’s support important

A delegation of the European Bank for Reconstruction and Development (EBRD), headed by Bruno Balvanera, director for the South Caucasus, Moldova and Belarus, arrived in Baku. Balvanera introduced Ivana Duarte, the new head of the bank’s Baku office, to the Azerbaijani government. The EBRD delegation was received by Shahin Mustafayev, Azerbaijani economy minister, as part…

Azerbaijan: China to get a stake in OGPC

Chinese companies may become owners of up to 50% in the Oil and Gas Processing and Petrochemical Complex (OGPC) in Azerbaijan, head of the country’s state oil company SOCAR Rovnag Abdullayev said. He said that the work on this issue was underway. “As you know, SOCAR and China National Petroleum Corporation (CNPC) signed a memorandum…

Azerbaijan the most important country in Caucasus and region

Ambassador Extraordinary and Plenipotentiary of the United States of Mexico to the Republic of Azerbaijan Rodrigo Labardini has received Caspian Energy’s delegation headed by President and Editor-in-Chief of the Caspian Energy International Media Group Natalya Aliyeva. During the meeting the sides discussed possibilities of expansion of contacts on the informational level within the Caspian European…

Azerbaijan and Lithuania to expand co-op in railway sector

Azerbaijan and Lithuania have reached an agreement to even more expand bilateral cooperation in railway sector, spokesperson for Azerbaijan Railways Nadir Azmammadov reported. The agreement was reached during a meeting between the head of Azerbaijan Railways CJSC Javid Gurbanov and Lithuania’s ambassador to Azerbaijan Valdas Lastauskas in Baku. During the meeting, the parties discussed the…

Azerbaijan: ICD mulling financing projects

The Islamic Corporation for Development of the Private Sector (ICD) is discussing an opportunity of allocating $30 million to two Azerbaijani banks and a company. The agreements might be signed soon. The funds will be used to finance the projects in cotton-growing, food and textile industries. According to the ICD financing rules, the minimum amount…

Azerbaijan: GCCA to help expand agribusiness potential

The Global Cold Chain Alliance (GCCA) is prepared to help Azerbaijan expand the potential of agribusiness and make Azerbaijani agricultural products reach domestic and foreign markets, GCCA Vice President of International Programs Richard Tracy said. Tracy said he was impressed by some enterprises in Azerbaijan, adding that they fully met international standards, however, some businesses…

Azerbaijan: state securities market up

The total turnover of exchange transactions on all instruments at the Baku Stock Exchange exceeded 2.94 billion manat in January-August, down 2.5 times YoY. The volume of the state securities market totaled 350.6 million manat (up 18.3 times), while the turnover of corporate securities market reached 75.21 million manat (down 22.2 times). The volume of…

Azerbaijan: SOCAR to ensure stable revenue

Azerbaijan’s state oil company SOCAR was focused on diversification of its investments even when the oil prices were high, and this strategy would ensure stability of the company’s revenues, President of SOCAR Rovnag Abdullayev said. “As a result of the right investment strategy, the value of SOCAR’s total assets increased from 9 billion manats to…

Azerbaijan: SOCAR sticks to DESFA deal

Azerbaijani state oil company SOCAR is not going to abandon the purchase of a share in the Greek gas operator DESFA, President of SOCAR Rovnag Abdullayev said. “We won the tender and we’re not going to abandon the deal [with DESFA]”, Abdullayev said. “We don’t talk about appealing to a court, but we will defend…