Transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the state budget will be reduced by 1.5 billion manats in 2017, Samir Sharifov, Azerbaijani finance minister, reported. The minister added that the transfers would be reduced to keep the country’s foreign exchange reserves at the same level. “As Azerbaijani President Ilham Aliyev said, while…
Oil market supply and demand can come into balance already in the second half of 2017 with market methods even if no agreements on the market stabilization are reached at the upcoming meeting in Algeria, Russian Energy Minister Alexander Novak reported. “Everything will depend on demand, supply, on the economic situation of many countries that…
Russian billionaire Mikhail Fridman, a co-owner of VimpelCom Ltd., is happy that Norway’s Telenor has begun selling its stake in the wireless carrier, because competition between the two companies in some markets created an “abnormal” situation on the board. Telenor, which began selling its 33% stake of VimpelCom Ltd. earlier in September, is a direct…
Russia’s Federal Antimonopoly Service has proposed to introduce a system of flexible excise duties on fuel, which can be revised every month, to stabilize a tax policy in the energy sector, the service’s Deputy Director Anatoly Golomolzin said. “We always speak about a necessity to introduce the system of flexible excise duties. The government gave…
Russian oil major Rosneft has suggested the government to revise the principle of investment component in tariffs of oil pipeline monopoly Transneft, according to the letter by Rosneft CEO Igor Sechin. Rosneft has proposed to exclude the mechanism of long-term investment tariffs, which Transneft uses to build pipelines to oil companies’ facilities. Transneft receives the…
Some 451,370 tons of raw cotton were supped to collection points in Turkmenistan, the Turkmen government said. The cotton-picking campaign, which lasts from August to October, has been recently discussed at the governmental meeting. “The measures are being taken and agricultural machinery is used as part of cotton-picking campaign”, the message said. Some 1.05 million…
The World Bank forecasts that Ukraine’s GDP will be 1% by the end of 2016 and 2% by the end of 2017, World Bank Economist for Ukraine Anastasia Golovach has stated. “We are leaving our GDP growth forecasts for 2016 and 2017 unchanged at 1% and 2% respectively”, Golovach said. According to her, the World…