Azerbaijan economic development

[Yıldırım]

Equinor, SOCAR mull development of Karabakh field

In July, Azerbaijan’s state oil company SOCAR and its partner on exploration and development of the Karabakh field will familiarize themselves with the progress of work on the reconstruction of the drilling rig, which will be used at an evaluation exploratory well at the field

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In July, Azerbaijan’s state oil company SOCAR and its partner on exploration and development of the Karabakh field will familiarize themselves with the progress of work on the reconstruction of the drilling rig, which will be used at an evaluation exploratory well at the field, Trend reports with reference to SOCAR.

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They will also familiarize themselves with the progress on creating future infrastructure at the Karabakh field, including the future production platform, according to the report.

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The report says that after the completion of all coordinator actions, the parties will proceed to installing the platform at sea.

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During the meeting by SOCAR President Rovnag Abdullayev with Equinor Senior Vice President Carri Lockhart, the work that has been carried out so far on the project was discussed.

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On March 13, Azerbaijan’s Caspian Drilling Company Ltd. (CDC) and Norwegian Equinor Azerbaijan Karabakh BV (Equinor) signed a contract for the drilling services at Karabakh field of Azerbaijan.

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In accordance with the contract, CDC will drill for Equinor two wells on the Karabakh oilfield, where Equinor serves as project Operator for Karabakh field development with participation of Azerbaijan’s state oil company SOCAR. Equinor and SOCAR each holds 50 percent stake in the project.

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Equinor also signed with SOCAR a contract on exploration and future production sharing for the Ashrafi-Dan Ulduzu-Aypara (ADUA) exploration area.

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The Karabakh oil and gas field, discovered in 2000, is located 130 kilometers to the east of Baku. The sea depth in the field varies in the range of 250-450 meters. The initial oil reserves of the field are estimated at 100 million tons.

 

[Yıldırım]

Flights from Russia's Rostov-on-Don to Baku to be resumed

Russia’s IrAero airline has announced the opening of direct flights from the Russian city of Rostov-on-Don to the Azerbaijani capital of Baku from July 6.

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ussia’s IrAero airline has announced the opening of direct flights from the Russian city of Rostov-on-Don to the Azerbaijani capital of Baku from July 6, Trend reports referring to the Russian media.

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Flights will be operated on Sukhoi Superjet 100 aircraft weekly on Saturdays. One-way ticket prices will start from 12,000 rubles (315 manats at the current exchange rate).

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The flights will last for 2 hours. The plane will take off from Baku at 12:50 and arrive in Rostov-on-Don at 13:50. The return flight will depart at 15:00 and arrive in Baku at 18:20.

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“For us the Baku route is already a traditional one. We see that it is very much in demand, and not only among Russians," General Director of IrAero Yuri Lapin said.

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Several years ago, Pobeda Airlines flew from Rostov-on-Don to Baku. However, the low-cost airline ceased the flights later due to the high cost of servicing at Baku’s Heydar Aliyev International Airport

 

[Yıldırım]

Baku - Sharm el-Sheikh - Baku direct charter flight to be launched soon

The Baku - Sharm el-Sheikh - Baku direct charter flight will be launched from June 18, Egyptian Minister of Tourism Rania Al-Mashat said at the press conference in Baku, Trend reports.

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The Baku - Sharm el-Sheikh - Baku direct charter flight will be launched from June 18, Egyptian Minister of Tourism Rania Al-Mashat said at the press conference in Baku, Trend reports.

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“The flight will be operated regularly every Thursday,” she said.

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A direct flight will greatly shorten the travel time between Azerbaijan and Egypt and eliminate all inconveniences.

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So, the flight time is only three hours compared to current 14 hours with additional transfers.

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The flight will be operated by SCAT Airlines via comfortable Boeing 757-200.

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The minimum tour price is $399 and more. The price includes insurance, food, transfer and other bonuses.

 

[Yıldırım]

SOCAR launches first petrol station in Austria

Actively involved in retail sales of high-quality oil products in Switzerland, SOCAR (State Oil Company of Azerbaijan) starts retail sale in neighboring Austria to meet the needs of local customers.

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Actively involved in retail sales of high-quality oil products in Switzerland, SOCAR (State Oil Company of Azerbaijan) starts retail sale in neighboring Austria to meet the needs of local customers.

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SOCAR opened the first petrol station in the Austrian city of Graz, Eggenberg district, under its own brand.

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The petrol station existing there has been completely refurbished, and now drivers can refuel with high-quality fuel from SOCAR.

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According to the information provided by SOCAR Energy Holdings, SOCAR subsidiary in Switzerland, the next gas station under the SOCAR brand will also be put into operation in Graz in late July.

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Rebranding of all 82 A1 company gas stations in Austria transferred to SOCAR will be implemented gradually over several years.

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Edgar Bachmann, head of SOCAR Energy Holdings, said that the opening of the first gas station in Austria is a new stage for SOCAR.

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“SOCAR has become one of the leading energy companies in Switzerland since entering the market of this country in 2012. We want to use this experience in Austria,” he said.

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In late 2017, SOCAR Energy Holding acquired A1 company’s gas stations in Austria and Pronto Oil company engaged in the sale of petroleum oils. A1 owned 82 petrol stations in Austria. Over the next few years, the A1 logo will be gradually replaced by the SOCAR brand.

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SOCAR has established a new company, SOCAR Energy Austria LLC, to manage these two companies.

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As one of the world's 50 largest oil companies, SOCAR has a significant position in a number of regional and international energy projects.

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Three production divisions - Azneft (enterprises producing oil and gas onshore and offshore), Azerikimya (chemical enterprises) and Azerigas (distributor of gas produced in the country), - one oil refinery and one gas processing plant, a deep water platform fabrication yard, two trusts, one institution, and 23 subdivisions are operating as corporate entities under SOCAR.

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Currently, SOCAR is the only producer of oil products in Azerbaijan and also operates more than 370 filling stations in Switzerland, Georgia, Romania and Ukraine.

 

[Yıldırım]

SOCAR expands its gas pipeline network in Georgia

SOCAR Georgia Gas company (Georgian subsidiary of Azerbaijan’s state oil company SOCAR), has increased the length of its gas pipeline network in the neighboring country, Trend reports with reference to the Georgian government.

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SOCAR Georgia Gas company (Georgian subsidiary of Azerbaijan’s state oil company SOCAR), has increased the length of its gas pipeline network in the neighboring country, Trend reports with reference to the Georgian government.

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The company has additionally acquired 708.5 kilometers of pipeline.

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The cost of the transaction amounted to 24.2 million lari (about $8.5 million). The amount must be fully paid within 18 years.

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Gas pipeline networks cover more than 20 municipalities in Georgia, according to the report.

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In January this year, SOCAR Georgia Gas company, as part of the gas distribution project’s implementation in Georgia, acquired the Telavgas LLC engaged in gas distribution in Georgia’s Telavi district.

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Last summer, SOCAR Georgia Gas company in the form of direct purchase and sale for 21.3 million lari ($9.5 million according to the exchange rate at that time) acquired gas pipelines in a number of regions of Georgia with a total length of 594 kilometers.

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Presently, SOCAR is the major supplier of natural gas, oil and oil products to Georgia. SOCAR’s subsidiaries are engaged in expansion and modernization of the country’s gas distribution systems, development of filling stations under SOCAR’s brand and have an oil terminal in Georgia’s Kulevi Black Sea Port, which supplies Azerbaijani oil and oil products to the world markets.

 

[Yıldırım]

SOCAR expands network of filling stations abroad

Azerbaijan's State Oil Company SOCAR has launched a new filling station in Romania.

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Azerbaijan's State Oil Company SOCAR has launched a new filling station in Romania.

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“The filling station was commissioned in the city of Satu Mare. Thus, the total number of filling stations under the SOCAR brand has reached 43,” said a message by SOCAR.

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The filling station is equipped with the latest technology, equipment, fast pumps, as well as a low-power lighting system and an electric vehicle charging station.

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It is noteworthy that SOCAR's subsidiary in Romania - SOCAR Petroleum SA plans to sell in Romania oil and oil products produced at SOCAR’s Petkim and Star plants in Turkey, and methanol and carbamide plants in Azerbaijan. ROMGAZ and TRANSGAZ, two of the most important Romanian companies in the natural gas sector, have long-standing cooperation relationships with SOCAR.

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Currently, 29 SOCAR filling stations operate in Azerbaijan. SOCAR also continues to expand the network of filling stations selling compressed natural gas (CNG).

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SOCAR Petroleum started retailing CNG in July 2018. A number of passenger buses driven in the country use CNG.

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Currently, SOCAR is the only producer of oil products in Azerbaijan, and also operates more than 370 filling stations in Switzerland, Georgia, Romania and Ukraine.

 

[Yıldırım]

Alstom signs technical support deal with Azerbaijan Railways - Emerging Europe

French rail transportation company Alstom has become the technical maintenance supplier of Azerbaijan Railways, the country’s national rail transport operator, Azernews has reported. According to an agreement signed by Azerbaijan Railways chairman Javid Gurbanov and Alstom regional director...

emerging-europe.com

French rail transportation company Alstom has become the technical maintenance supplier of Azerbaijan Railways, the country’s national rail transport operator, Azernews has reported.

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According to an agreement signed by Azerbaijan Railways chairman Javid Gurbanov and Alstom regional director Elshan Zeynalov, the French company will provide technical support for locomotives supplied to Azerbaijan.

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Azerbaijani finance minister Samir Sharifov said that French companies could expand their presence and strengthen their competitiveness in the regional market if they use their ties to Azerbaijan, adding that French companies will start their business activities in the Free Economic Zone of Alat in 2020.

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France’s economy and finance minister Bruno Le Maire pointed out that the two countries had great potential for expanding bilateral economic cooperation, noting that France is now eyeing the possibility of joint projects in the energy and defense sectors.

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Alstom started supplying Azerbaijan with its locomotives in 2014. Last year, Azerbaijan Railways received the first locomotive produced by the French company.

 

[Yıldırım]

Turkish Space Agency intends to cooperate with Azerbaijan

Turkish Space Agency intends to cooperate with Azerbaijan in the field of space technologies, said Head of the Agency Serdar Huseyn Yildirim.

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Turkish Space Agency intends to cooperate with Azerbaijan in the field of space technologies, said Head of the Agency Serdar Huseyn Yildirim, Trend reports referring to Turkish media.

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According to him, Azerbaijan has experience in this field. He noted that the agency also intends to cooperate with Kazakhstan and Uzbekistan.

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Turkish President Recep Tayyip Erdogan appointed Yildirim as the head of the Turkish Space Agency on August 7, 2019. He also appointed members of the board of the Agency.

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Erdogan ratified the law on the establishment of the Turkish Space Agency on December 13, 2018. The agency operates under the Ministry of Industry and Technology, and its headquarters is located in Ankara.

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In February 2017, the draft law on the establishment of the National Space Agency was submitted to the Turkish Parliament for consideration. The government of Turkey announced the creation of the National Space Agency for the first time in January 2016.

 

[Yıldırım]

Slovenia welcomes increasing co-op with Azerbaijan in energy supply: ministry (Exclusive)

Slovenia welcomes increasing cooperation with Azerbaijan in energy supply

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Slovenia welcomes increasing cooperation with Azerbaijan in energy supply, Slovenian Foreign Ministry told Trend.
"Slovenia supports efforts to strengthen EU energy resources diversification. Keeping in mind our partnership in the framework of the Eastern Partnership energy panel, we particularly welcome increasing cooperation with Azerbaijan in the field of energy supply. In this respect, we see the Southern Gas Corridor as a great opportunity to increase energy cooperation between the EU and Azerbaijan," said the ministry.
Talking about the current status of relations between the two countries, the ministry of foreign affairs said that economic cooperation between Slovenia and Azerbaijan is relatively modest and mostly based on trade.
"In 2018 trade in goods between Slovenia and Azerbaijan reached the value of 26.9 million euros. We believe there is a lot of potential to increase and expand our trade volume and economic cooperation in general in various fields. We are looking forward to explore these possibilities in the future including the visits of business delegations," said the ministry.
Slovenian foreign ministry emphasized the potential role the Baku-Tbilisi-Kars railway can play in boosting the bilateral economic cooperation with Azerbaijan.

"The new railway connecting Baku with Tbilisi and Kars thus directly connecting Azerbaijan through railway networks with European markets is certainly a very important milestone which could also contribute to increase economic cooperation and trade between Azerbaijan and Slovenia," said the ministry.

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.
The official opening ceremony of the BTK railway was held in Baku Oct. 30, 2017. The BTK railway was constructed on the basis a Georgian-Azerbaijani-Turkish intergovernmental agreement.
The railway’s peak capacity will be 17 million tons of cargo per year. At an initial stage, this figure will be one million passengers and 6.5 million tons of cargo.

 

[Yıldırım]

Deputy minister: Azerbaijan invests $1.2B in Russian economy

Azerbaijan and Russia are building up mutual cooperation and are aiming at increasing mutual investments

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Azerbaijan and Russia are building up mutual cooperation and are aiming at increasing mutual investments, Deputy Economy Minister of Azerbaijan Rufat Mammadov said at the Azerbaijani-Russian business forum held in Baku on Sept. 12, Trend reports.

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The deputy minister noted that Russia has invested about $4.7 billion in the economy of Azerbaijan.

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"The volume of Azerbaijani investments in the Russian economy amounted to $1.2 billion. In 2018, trade turnover between Russia and Azerbaijan increased by 19 percent to $2.5 billion," Mammadov said.

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According to him, the trade turnover between Azerbaijan and the Sverdlovsk region of Russia increased by 83 percent to $95 million in 2018. This year, it is planned to increase the trade volume to $100 million, he added.

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Mammadov noted that the relations between Azerbaijan and Russia are strategic, both countries are interested in further deepening bilateral ties in all areas of the economy, trade, education and others fields.

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"Numerous cooperation agreements between our countries also confirm this. In particular, we are aiming at strengthening cooperation with the Sverdlovsk region of the Russian Federation, which is also supported by the agreements on bilateral cooperation signed yesterday in the fields of education, science, trade and others," the deputy minister said.

 

[Yıldırım]

Russian airline receives admission to flights from Rostov-on-Don to Baku

The Russian airline Azimut has received permission from Russia’s Federal Air Transport Agency (Rosaviatsia) to fly from Russia’s Rostov-on-Don to Baku.

en.trend.az

The Russian airline Azimut has received permission from Russia’s Federal Air Transport Agency (Rosaviatsia) to fly from Russia’s Rostov-on-Don to Baku, Trend reports referring to Russian media.

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The Rostov-Baku flight is scheduled to be served twice a week (Mondays and Thursdays), starting from December 2, 2019.

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According to the preliminary schedule, flights will depart from Rostov-on-Don at 17:10 (GMT+3) and arrive in Baku at 20:10 (GMT+4). Return departure will take place at 21:20 (GMT+4), and flights will arrive in Rostov-on-Don at 22:20 (GMT+3).

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Azimut Airlines is a new carrier in southern Russia, based at the new Platov Airport. As of today, the company has a fleet of aircraft, consisting of modern SSJ-100 models.

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Flights in the Rostov-on-Don - Baku direction were previously operated by Russia’s Pobeda airline.

 

[Yıldırım]

Chinese CAMCE to invest in creation of agricultural park

Azerbaijan and China are successfully expanding the scope of cooperation in economy and trade.

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Azerbaijan and China are successfully expanding the scope of cooperation in economy and trade.

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Azerbaijan Investment Company (AIC) and Chinese China CAMC Engineering Co, a member of the Chinese National Machinery Industry Corporation (SINOMACH), have signed a memorandum of understanding on creation of an agro-industrial park in Azerbaijan.

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The signing took place during a meeting between Shahin Mustafayev, Economy Minister of Azerbaijan, and a delegation led by Luo Yan, Marketing Director of SINOMACH and Chairman of CAMCE, in Baku on September 20.

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“For the implementation of the project, a working group will be created that will determine the place of the agro-industrial park,” said Shahin Mustafayev, Minister of Economy.

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“We expect that specific steps will be taken to implement this project at the China International Import Expo 2019 to be held in November in Shanghai this year,” he added.

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Mustafayev said that the project provides for the construction of a tractor plant, a plant for the production of irrigation equipment, plants for processing agricultural products. Investments in the project are estimated at $700 million. The project will create several thousand jobs.

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On the sidelines of the meeting, Luo Yan noted that along with the oil sector in Azerbaijan, there are vast opportunities for development in the non-oil sector, especially in agriculture.

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“Azerbaijan is one of the most important countries on the Silk Road. We can now make the appropriate decisions during the import exhibition to be held in China in November. We must mobilize our mutual efforts in the development of relations between the two countries, including the development of the Azerbaijani economy,” Yan said.

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On the same day, China CAMC Engineering Co also signed a memorandum of understanding with the Azerbaijan Export and Investment Promotion Fund (AZPROMO), and a contract on engineering, construction and supply with AS Group Investment LLC.

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“The construction of a tire plant in Azerbaijan on the territory of the Sumgayit Chemical Industrial Park, which will be built under the agreement with the Chinese CNEEC (China National Electric Engineering Co Ltd), may begin in early 2020,” Mustafayev told journalists.

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In his words, the feasibility study for the construction of a tire plant will be ready by late 2019.

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Currently, the share in the project is supposed to be as follows: CNEEC – 90 percent, Azerbaijan Investment Company (AIC) – 10 percent. The production capacity of the plant will be 3.3 million tires per year.

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These new projects together with the Chinese companies are being implemented in view of the recently signed contracts worth $821 million covering many fields. The documents were signed the sidelines of the second Belt and Road International Forum in April this year.

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Mustafayev also noted that Azerbaijan and China mull setting up joint ventures in the near future.

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He said that it is about creating a plant for the production of tractors, various types of agricultural machinery, as well as plants for processing agricultural products. “Investments in the amount of $ 100 million will be invested in the implementation of these large-scale projects, which will contribute to the opening of several thousand jobs.”

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Mustafayev underlined that Azerbaijan plans to increase investment in the implementation of projects in industry, the agricultural sector, as well as in the implementation of infrastructure projects.

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He further stressed that Azerbaijan plans to open three trading houses and one wine house in China by late 2019.

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He noted that trade relations with China are growing. “Following the results of the first half of 2019, trade between the two countries increased by 2.3 times and reached $1.4 billion,” Mustafayev stressed.

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“Most of Azerbaijan’s exports fell to oil, however, in recent years we have seen the diversification of trade and Azerbaijani agricultural products. Azerbaijani wine has found a niche in the Chinese market,” he said.

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Azerbaijan's trade and wine houses have been operating in Shanghai, Urumqi and Liuzhou cities to ensure export of Made in Azerbaijan products to China.

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[Yıldırım]

Azerbaijan to supply honey to Jordan

Azerbaijan is expanding the list of destinations for honey export.

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Azerbaijan is expanding the list of destinations for honey export.

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The negotiations on honey export to Jordan are currently underway, Badraddin Hasratov, Chairman of Azerbaijan Beekeepers Association, told Trend.

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In his words, Azerbaijan increased honey export compared to last year. “We exported 6 tons of honey to Japan in 2018, and this year the volume reached 8 tons.”

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In particular, Azerbaijan delivered 850 kg of honey to the Arab countries. Jordan will be also included to the list this year, he stressed.

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He pointed out that the negotiations are about to end and the export of 500 kg of honey to Jordan is expected soon. “The honey will be sent as a sample, and if we receive positive feedback, the cooperation will continue.”

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Hasratov further added that the Association intends to double the number of bee families. “The number of bee families has increased by 100,000 this year, compared to 2018. Currently, there are 500,000 bee families in Azerbaijan, but we want to raise that number to 1 million.”

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He noted that honey production has also increased this year. “If last year we received 8-10 kilograms of honey from each bee family, this year it was 15 kg.”

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He said that this is due both to the natural process and to the improvement of the skills of beekeepers.

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Last year Azerbaijan exported 8.3 tons of honey worth $71,500, which is 1.8 tons more than in the previous year. In particular, 96.4 percent of exported honey accounted for Japan.

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Currently, Azerbaijan is doing its best to contribute to the further development of beekeeping by creating favorable conditions for beekeepers. There are about 600 species of honey plants in Azerbaijan, of which almost 200, as a source of nectar and pollen, create even greater natural opportunities for the development of beekeeping.

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Most of the bee families are located in Zagatala (17,097), Astara (12,429), Gakh (9,125), Lerik (8,669) and Balakan (8,581) regions.

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Beekeepers have been granted subsidies of 10 manats ($6) for each beehive for five years under the order "On stimulating the development of beekeeping in Azerbaijan" dated March 5, 2018. The aim is to stimulate the development of beekeeping in the country, to support small businesses and to employ individuals and legal entities engaged in beekeeping in rural areas.

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Azerbaijan produced 3,000 tons of honey in 2018. Some 65-70 percent of the country's population is provided with domestically-produced honey.

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In addition, the number of bee colonies increased in 2018 compared to 2017. Presently, there are 400,000 bee colonies in the country and grants have been issued for the maintenance of 270,000 of them. The number of colonies is expected to reach 500,000-600,000 in the near future.

 

[Yıldırım]

Argentina may establish JVs with Azerbaijan

The political relations between Azerbaijan and Argentina stand at a good level as a result of regular political consultations held between the two countries. The economic cooperation between the countries are also developing, however, they have a potential for further expansion.

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The political relations between Azerbaijan and Argentina stand at a good level as a result of regular political consultations held between the two countries. The economic cooperation between the countries are also developing, however, they have a potential for further expansion.

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The two countries have mulled the participation of Argentine companies in industrial and agricultural parks in Azerbaijan, the possibilities for expansion of cooperation and joint projects in industry, agriculture, pharmaceutics, trade and other spheres.

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These topics were discussed during the meeting between Azerbaijani Economy Minister Shahin Mustafayev and Sergio Osvaldo Perez Gunella, the Ambassador of Argentina to Azerbaijan.

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Referring to the legal framework of bilateral cooperation, Mustafayev noted that about 25 documents have been signed between the two countries, including the documents on trade and economic cooperation, tax information exchange, scientific and technological research and innovation, customs, technical cooperation, etc.

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He also briefed the ambassador on reforms in the private sector in Azerbaijan, highlighting the country’s economic potential, its non-oil products and cooperation in agriculture.

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Mustafayev invited Argentine businessmen to benefit from the favorable business and investment climate in Azerbaijan and to establish joint ventures.

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In turn, Sergio Osvaldo Perez Gunella stressed Argentina’s interest in expanding ties with Azerbaijan, saying that Azerbaijan-Argentina economic relations are based on mutually beneficial cooperation.

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Diplomatic relations between the two countries were established in November 1993. Azerbaijan has been building closer ties with Argentina and other South American countries since mid-2000s.

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Azerbaijan views its ties with Argentina as offering enormous opportunities for greater cooperation in many fields, and considers this country as a gateway to the wider South American region.

 

[Yıldırım]

Ukraine eyes to enhance transport cooperation

Azerbaijan and Ukraine are located on major transport corridors, which are of huge political, economic and strategic importance.

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Azerbaijan and Ukraine are located on major transport corridors, which are of huge political, economic and strategic importance.

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As key links between Europe and Asia, the two countries participate in a number of transport and logistics projects. Both countries are ready to use all opportunities to significantly increase the volume of cargo transit through their territories.

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Viktor Dovgan, Ukrainian Deputy Minister of Infrastructure for European Integration, has recently been on a visit to Azerbaijan, during which he met with Elmir Velizade, Azerbaijani Deputy Minister of Transport, Communication and High Technologies, Sahib Mammadov, Deputy Minister of Economy, and Akif Mustafayev, Azerbaijan’s National Secretary in the Intergovernmental Commission TRACECA (Europe-Caucasus-Asia Transport Corridor).

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At the meeting with Velizade, the sides discussed the prospects for enhancing bilateral cooperation in the field of transport, in particular, joint steps to realize the transit potential of the two countries within organization of transportation along the Europe-Caucasus-Asia corridor (TRACEСA), attracting additional cargo flows, and increasing the competitiveness of TRACECA.

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Dovgan also expressed interest in increasing the number of regular flights between the two countries.

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Later, at the meeting with Sahib Mammadov, he discussed the development of economic cooperation, in particular the strengthening of ties in the field of transport, as well as further simplification of passenger and cargo transportation, including within the framework of the TRACECA international corridor.

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At the meeting with Akif Mustafayev, Dovgan discussed the possibilities of implementing new projects in the multilateral format of TRACECA. The sides exchanged views on the prospects for improving the effectiveness of this transport corridor.

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The Europe-Caucasus-Asia Transport Corridor (TRACECA) is an international cooperation program in the field of transport between the EU and partner countries in Eastern Europe, South Caucasus and Central Asia. The organization has a permanent secretariat in Baku.

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The program was established at the Brussels conference on May 3, 1993, which was attended by the ministers of transport and trade of eight states – Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Azerbaijan, Georgia and Armenia.

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TRACECA is involved in gradually developing trends of trade and economic development. Major traffic flows passing through the corridor formed on the one hand, in Western and Central Europe, and on the other - in Central and South-East Asia.

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So far, 76 projects have been implemented within TRACECA.

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Azerbaijan’s revenues from the transportation of goods within the framework of the TRACECA in the first half of 2019 reached 311.63 million manats ($182.77 million). In addition, revenues from the transit of goods through this transport corridor amounted to 104.23 million manats ($61.13 million) in the reporting period.

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The country’s revenues from passenger transportation along the corridor amounted to 70.89 million manats ($41.58 million). Within the first six months of this year, the volume of TRACECA cargo transportation through the territory of Azerbaijan amounted to 25.1 million tons.