Economy

Azerbaijan`s Foreign Minister Elmar Mammadyarov has met with a delegation led by Secretary General of the Economic Cooperation Organization (ECO) Dr. Hadi Soleimanpour. Underlining the support of Azerbaijan to the regional economic projects implemented in the ECO region, Minister Mammadyarov emphasized that Azerbaijan attaches special importance to the establishment of …

Azerbaijan and Turkey have enough will and resources to implement more than one major project, the President of the Executive Committee of the Economic Research Foundation of Turkey, expert Ahmet Incekara told reporters Oct. 24. The expert recalled that recently the opening ceremony of the Star oil refinery, owned by …

The European Rating Agency (ERA) has issued a credit rating to Azerbaijan at the level of “BB +” with a “stable” outlook, the agency’s report published on Oct, 20 reads. According to the agency’s forecast, real GDP growth in Azerbaijan in 2018 can be 1.5 percent, in 2019 – 2.1 …

An alternative route for the supply of raw materials from Azerbaijan to Tajikistan for the needs of the Tajik Aluminum Company (TALKO) has been established, the Tajik embassy in Azerbaijan told Trend on October 5. This route implies deliveries from Azerbaijan through Russia, Kazakhstan and Uzbekistan to Tajikistan and thus …

Engineering services firm EnerMech said that it had won £40million worth of contracts in the Caspian region, according to Energy Voice. The Aberdeen-headquartered firm said the raft of new deals included a three-year agreement to manage all of BP Exploration’s crane operations in Azerbaijan. The contract covers assets spread over …

BP, the largest foreign investor in Azerbaijan’s oil and gas sector, revealed its 2016 year-end results. BP Azerbaijan, which is the operator of the block of Azeri-Chirag-Gunashli offshore oil and gas fields, as well as Shah Deniz gas and condensate field, reported that ACG continued to safely and reliably deliver …

BP and Baku 2017 Islamic Solidarity Games today signed an agreement that will see BP become the Official Oil and Gas Partner for the Games, which will be held in Baku from 12-22 May. This partnership is part of BP’s commitment to supporting the development of Azerbaijan’s sporting potential and …

CESD concluded its macro-economic survey results for the first nine months in 2016. Both independent and official reports show that GDP continued declining in the reporting period. According to the State Statistic Committee of Azerbaijan, GDP decreased 3.9 % in the first nine months in 2016 since CESD calculations found …

Introduction In 2015 Azerbaijan has experienced substantial economic difficulties due to its dependence on oil exports and the drop of the oil prices, which eventually forced the Azerbaijani govermenment to devaluate its national currency. The fall in oil prices is essentially influencing the incomes and venture prospects, thus taking a toll on the …

  On February 23, Azerbaijan’s parliament adopted amendments to the state budget to adjust down expected budget revenues based on oil price estimates of as low as $25 per barrel (Azernews.az, February 23). Initially, the State Budget for 2016 projected oil at $50–55/barrel (Trend, September 14, 2015). On January 10, …