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 …
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Azerbaijani alumina reaches Tajikistan
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 …
Read More »EnerMech nets £40m worth of Caspian deals in Azerbaijan
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 …
Read More »BP presents 2016 year-end results in Azerbaijan
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 …
Read More »BP and Baku 2017 Islamic Solidarity Games sign a partnership agreement
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 …
Read More »Azerbaijan Economy in the First Nine Months of 2016; Brief Overview
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 …
Read More »Why Azerbaijan needs a Strategic Reform of its foreign policy towards the European Union?
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 …
Read More »Falling Oil Prices and Its Implications for Azerbaijan’s Gas Policy
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, …
Read More »The Economy of Azerbaijan in 2015
Introduction In 2015, the expansion of the US economy accompanied with improved employment rates led the FED to switch to contractionary monetary policy. On the other hand, the second largest economic power-China encountered a lower long-term economic growth rate with a fall in exports, and thereby adversely affecting global economic activity. Moreover, the …
Read More »SELF-INDUCED LOSSES
Insurance companies are trying not to raise their charges despite an increase in costs caused by devaluation The fall in oil prices and the reduction in the exchange rate have impacted on virtually all areas of Azerbaijan’s financial sector. However, even in such difficult circumstances, the insurance market has generally …
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