Azerbaijan economic development

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The construction of a highway with the participation of the Azerbaijani company AzVIRT as part of the Bishkek-Osh (Madaniyyat-Jalal Abad) road project is scheduled to begin in May 2019, a source at the company told Trend.

According to the source, the total length of the road is 67 kilometers.

"The project is planned to be completed in three years, and its cost is about $50 million. At the current stage, preparatory earthwork is being carried out. All necessary equipment have been delivered to the site," the source said.

The project also involves German specialists who will share their experience in implementing the large-scale road project.



AzVIRT is one of the well-known road construction contractors in Azerbaijan and is engaged in the construction of roads, runways, airports.

In addition to the construction and design of roads and large objects, the company is engaged in the production of building materials, including asphalt concrete mixtures, fractional rubble, activated mineral powder
 

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Bosnia and Herzegovina is working on interconnection project to receive Azerbaijani gas, Federal Minister of Energy, Mining and Industry of Bosnia and Herzegovina Nermin Džindić told Trend.

"Bosnia and Herzegovina, together with the company BH-GAS d.o.o. Sarajevo which is in charge of development projects in Bosnia and Herzegovina, is working on realization of the Southern interconnection of B&H with Croatia project, which would create conditions for future expected connection to Ionian Adriatic Pipeline (IAP) and Trans Adriatic Pipeline (TAP)," said the minister.

He pointed out that the Southern interconnection of B&H and Croatia is a project of interconnection of gas systems of Bosnia and Herzegovina and Croatia.

"The main objective of the project is to secure a new route of natural gas supply for B&H by which a reliable and secure natural gas supply would be secured for Bosnia and Herzegovina," noted Džindić.

The Southern Gas Corridor is one of the priority projects for the EU and envisages the transportation of 10 billion cubic meters of Azerbaijani gas from the Caspian region through Georgia and Turkey to Europe.

The launching ceremony of the first stage of the Southern Gas Corridor was held in Baku on May 29, 2018, while opening ceremony of TANAP was held on June 12, 2018 in the Turkish city of Eskisehir.



The gas from the Azerbaijani Shah Deniz field has already gone through the first segment of the Southern Gas Corridor - from the Sangachal terminal to the expanded South Caucasus Pipeline.

Trans-Adriatic Pipeline (TAP) and Trans-Anatolian Natural Gas Pipeline (TANAP) were connected on the Turkish-Greek border.

IAP is a proposed natural gas pipeline in Southeastern Europe (SEE) that will stretch from Albania through Montenegro, and Bosnia and Herzegovina, to Split in Croatia. It will be connected with the Trans Adriatic Pipeline (TAP). The capacity of the pipeline will amount to five billion cubic meters of gas per year.

Total length of the pipeline is 511 kilometers.
 

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Economic Coordination Committee (ECC) of the Cabinet of Pakistan has approved the fuel supply agreement with Azerbaijan’s state oil company SOCAR, Trend reports citing Pakistani media.

“Committee accorded approval to a proposal of Ministry of Petroleum regarding Fuel Supply Agreement between Pakistan State Oil (PSO) and State Oil Company of the Republic of Azerbaijan (SOCAR),” reads the report.

Earlier, Federal Minister for Petroleum of Pakistan Ghulam Sarwar Khan said that Petroleum Division will try its best to get this agreement ratified from Cabinet so that mutual relation between both countries can be strengthened.

Moreover, he noted that Pakistan and Azerbaijan will constitute a joint working group on energy,



Pakistan and Azerbaijan had entered into an inter-governmental agreement (IGA) in February 2017 for supply of a number of oil and gas products, including furnace oil, petrol, diesel and liquefied natural gas (LNG).

Azerbaijan is interested in investing in LNG sector through State Oil Company of Azerbaijan SOCAR.
 

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The total volume of cargo transportation via Georgia’s Batumi port to Azerbaijan amounted to 85,738 tons in January-March 2019, Batumi Sea Port Ltd. told Trend.

"Of this volume, 62,691 tons accounted for raw sugar. Moreover, 12,836 tons of palm oil, 6,603 tons of soya and 3,608 tons of corn oil were transported via Batumi port to Azerbaijan in January-March 2019," added the source.

The total volume of cargo transportation from Azerbaijan via Georgia’s Batumi port stood at 26,119 tons as of 2018.

As much as 22,126 tons of the abovementioned figure accounted for industrial oil, while 3,993 tons fall on bentonite transportation from the country.



This is while the total volume of cargo transportation from Batumi port to Azerbaijan amounted to 336,702 tons.

Of this volume, 183,315 tons accounted for raw sugar. Moreover, 53,850 tons of palm oil, 62,887 tons of soya, 20,512 tons of rails, 12,809 tons of corn oil, 3,322 tons of laminate and 8 tons of tanks were transported from Batumi port to Azerbaijan in 2018.
 

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Azerbaijani leasing company MCB Leasing, the shareholder of which is the MCB Bank Pakistan, intends to continue its activities as a non-bank credit organization (NBCO), a source at the company told Trend.

The registration at the Ministry of Taxes of Azerbaijan has already been completed, according to the source.

“Further, we plan to obtain the appropriate license of the Financial Market Supervisory Authority of Azerbaijan (FIMSA),” the source noted. “For this, we are working on a business plan, which we will submit to the FIMSA.”



At the same time, the source said that the company intends to continue leasing activities.

MCB Leasing was established in 2009. The authorized capital of the company is 4.28 million manats. Some 99.94 percent of the company’s shares belong to MCB Bank Pakistan, while 0.06 percent belongs to an individual.
 

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The Azerbaijani company Azhazelnut signed a contract with Latvia’s Alisco for the export of hazelnuts to Latvia worth $250,000, Trend reports referring to the Ministry of Economy of Azerbaijan.

According to the ministry, as part of the export mission of Azerbaijan to Riga, a preliminary agreement was also reached on the export of pomegranate products between Azerbaijan’s Mars Fk and the Latvian firm Auglu Serviss.

"In addition, a number of Azerbaijani companies participating in the export mission held talks with Indian and Latvian companies and supermarket chains on the export of products," the report said.



The export mission included 23 Azerbaijani companies engaged in the production of wine and other alcoholic beverages, the production of food and textiles, as well as tourism.

The export mission that began on April 7 was concluded on April 12.
 

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Successful organization of export mission to overseas brings positive outcomes to the country's non-oil export potential and promotion.

Azerbaijani producers have reached agreements to export some local products to Qatar.

Recent visit of the Azerbaijani export mission to Qatar, which was organized on 12-16 April to promote non-oil products in foreign markets under the brand Made in Azerbaijan, has ended.

As many as 25 companies operating in such areas as food and textile industry, production of construction materials, as well as travel have been involved in the mission, organized by the Economy Ministry and Azerbaijan Export and Investment Promotion Foundation (AZPROMO).

Azerbaijani companies involved in the export mission held negotiations with Qatari partners to increase sales of products, and agreements were reached.

In particular, Azerbaijan's IDEA reached an agreement with Qatar’s Seven Continents Enterprises, Zebrano Wood Works, and Redco Construction Alamana on export of its products.

Moreover, Azerbaijan's FARKO, Delta Group CO, APIAZ, Brightman BMC and Azertexnolayn reached an initial agreement on the export of their products to Qatar.

The tourism companies of the two countries also held discussions on the expansion of cooperation.

There are more opportunities to expand trade ties between Azerbaijan and Qatar although the trade turnover between the two countries is not big unlike the high level of political cooperation.

The trade turnover between Azerbaijan and Qatar reached $3.6 million in 2018, according to the Azerbaijani State Customs Committee. Almost the entire amount of trade turnover accounted for the export of Azerbaijani products to Qatar. Currently, Azerbaijan is mainly exporting food and agricultural products to the country.

Recently, Azerbaijan's poultry factory Hajigabul Gushchulug has started exporting eggs to Qatar

The introduction of local products of Azerbaijan to international markets is boosting the non-oil sector of the economy and strengthens business ties with foreign countries.

Therefore, Azerbaijan is organizing a number of export missions to promote national products under the Made in Azerbaijan brand.

Export missions are a supporting measure to identify opportunities for accessing new markets, strengthen local product positions in existing markets and provide these markets with new products.

Launched in 2016, the Made in Azerbaijan brand envisages a large-scale promotion of local non-oil products in foreign markets.

Promotion of export-oriented local products under the Made in Azerbaijan brand in a wider geographic area also helps to attract foreign investment. The export of non-oil products will stimulate the expansion of the production of these products and will further strengthen the non-oil sector's share in the structure of the GDP.
 

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The United Arab Emirates (UAE) intends to cooperate with Azerbaijan in the field of renewable energy sources, Trend reports referring to the website of the Azerbaijani Ministry of Energy.
At the meeting between Azerbaijani Minister of Energy Parviz Shahbazov and the UAE delegation led by Sheikh Ahmed Dalmook al-Mazroui, the prospects of cooperation with Azerbaijani state oil company SOCAR were also discussed. Shahbazov stressed that relations between Azerbaijan and the UAE are at a high level in many spheres and there is a potential for their development in the energy sector.
The minister said that during the OPEC + ministerial meeting in Baku, talks were held with UAE Energy Minister Suhail Al-Mazroui. "As a result of these negotiations, discussions have been initiated with UAE’s Mubadala company,” Shahbazov said. “The Azerbaijani side also cooperates with UAE’s Masdar company in the field of alternative energy."
The minister spoke about the complex measures being taken in the field of alternative energy and about favorable conditions created for investors in Azerbaijan .
The 13th meeting of the OPEC and non-OPEC Joint Ministerial Monitoring Committee was held in Baku on March 18, 2018. The day before, the 27th meeting of the Joint Technical Commission was held in Baku. The participants discussed the current situation in the oil market, existing problems and other issues. A presentation dedicated to the pace of the development of the oil market was held, and the Joint Technical Commission’s report on the production figures for February was made.
 

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Since May 1, 2019, Azerbaijan commenced supplying electricity to Greece, Romania, Bulgaria and Hungary, Trend reports referring to Azerenergy OJSC.
Azerenergy was among the winning companies participating in the auction to supply electricity to Greece and Bulgaria.
Azerenergy also supplies electricity to Iran, Russia, Turkey and Georgia.
The volume of electricity the company exported in 2018 amounted to 1.41 billion kilowatt-hours. In January-March 2019, Azerbaijan exported 891.2 million kilowatt-hours of electricity.
Azerenergy has over 30 power plants. The total generation capacity of the plants exceeds 6,000 megawatts, which makes it possible to generate about 24 billion kilowatt-hours of electricity annually.
 

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Azerbaijan's SOCAR and Russia's Gazprom signed a major deal in St. Petersburg. Gazprom jointly with SOCAR will help modernize some of Azerbaijan's oil refineries
SOCAR.jpg
 

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The new logistics centers are planned to be created in Azerbaijan’s Ganja city and at the "Red Bridge" customs checkpoint on the Azerbaijani-Georgian border, Secretary of Azerbaijani Coordinating Council on Transit Freight Rufat Bayramov said.
Bayramov made the remarks at the conference within the 18th Caspian International Transport, Transit and Logistics Exhibition in Baku, Trend reports.
He stressed the importance of existing logistics centers in Azerbaijan, adding that the number of these centers will increase in the future.
"Transit and logistics centers corresponding to each district, will be created in the country,” Bayramov added. “For example, a free economic zone is being created in Alat settlement."
The free economic zone is being created in Alat settlement near Baku upon the presidential decree signed in March 2016.
The territory of the new Baku International Sea Trade Port has been also included in this zone.
The 18th Caspian International Transport, Transit and Logistics Exhibition is being held in Baku on June 11-13. The representatives of 75 companies from ten countries are taking part in the exhibition.
 

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Starting from June 25 2019, AZAL will launch regular and charter flights from Baku to one of the largest cities in India - Delhi.
AZAL flights will be operated once a week on Tuesdays on Boeing-757 aircraft with economy and business class configurations. Starting the autumn of this year, the number of flights will be increased to twice a week.
The flights will be carried out via Terminal 1, Heydar Aliyev International Airport.
Delhi is called the "capital of the seven empires". It combines the unique architecture of the East, different cultures, sights and unique Indian cuisine. Modern and colonial buildings, shopping centers, parks, entertainment for all tastes, theaters, as well as magnificent ancient mosques and mausoleums are concentrated in the modern suburb of Delhi - New Delhi.
 

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