Economy

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Iran, the Caspian states and Iraq will have swap shipments of oilproducts, Iran News reports, citing Mehr.The shipments were halted 8 months ago; next week the internationaltrading company for oil products of Turkmenistan and Iraq will renewthe shipments.At the first stage the sides will swap oil fuel for power plants.There are also negotiations on swap deals with Kazakhstan.

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The Russian Communications Administration and the Intersputnik International Organization of Space Communications have signed an agreement in Baku. The deal will entrust the Russian Communications Administration to represent in the International Telecommunication Union the interests of communication administrations of Intersputnik member-countries in terms of acquiring radio frequencies in the satellite networks of Intersputnik, Trend reports.

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Iran is to open a major business center in Russia's Astrakhan. The project should be completed by the end of 2011. The delegation of the Astrakhan region headed by Governor Alexander Zhilkin visited the Iranian city of Rasht (Gilan Province on the Caspian Sea) to discuss the details of the programme, ITAR-TASS reports.Tehran offers Astrakhan several major projects. Among them - the production of juices from Iranian concentrates, roasting and packaging of Iranian pistachio nuts and dried fruit, as well as Iranian tea.

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Russia intends to invest $40 million in the development of the Armenian energy sector in the next two years, the head of Inter RAO UES, Boris Kovalchuk, said, News.am reports.He said half of the funds will be used for the modernization of hydropower plants at the Sevan-Hrazdan complex. These power plants were set in operation between 1930 and 1962.

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Recent technical problems have led to the temporary suspension of thousands of Iranian centrifuges used to enrich uranium, the Associated Press reports, citing diplomatic sources in Vienna, where the headquarters of the IAEA are located.There is no information on the causes of the incident. However they say that a complete shut-down of centrifuges at Natanz, even for a short time, is an unprecedented event, RIA Novosti reports.

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Transneft plans to officially inform consumers in Europe and the transit countries on the possible failure of exports of Russian oil deliveries to European consumers in connection with the launch of a direct mode of the Odessa-Brody oil pipeline with a partial reversal of the southern branch of the Druzhba pipeline, RIA Novosti reports, with reference a representative of "Transneft", Igor Demin.Currently, according to Transneft, the Odessa-Brody pipeline and pumping through Druzhba is going without a glitch, but the work of one of the pipelines at the power-limit invol

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SOCAR (the State Oil Company of Azerbaijan) has started drilling of a new oil well in the offshore oil field “Oil Rocks", Trend reports, with reference to SOCAR.The projected depth of the well is 1,410 meters. According to the calculations of geologists, the daily debit of the well is five tons. Altogether, it is planned to drill 12 wells with this platform.

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VIM-Avia launched flights on the route from Moscow (Domodedovo Airport) to Krasnodar, RIA Novosti reports with a reference to the airport press release. Flights are operated by Boeing 757 aircraft on Mondays, Tuesdays, Wednesdays, Thursdays, Fridays and Sundays. Departure is at 21.55from Moscow and at 6.45 from Krasnodar.

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A new oil-bearing zone with estimated reserves of 34 billion barrels of crude oil was discovered in the coastal waters of Iran's Bushehr province, Iran News report. According to Ali Vakili, Director of Oil and Gas Company "Pars", it is the largest oil-bearing zone of the country. It is located under the gas layer in the Ferdous field, in the waters of the Persian Gulf 190 km southeast of Bushehr and 85 km from the coastline. At the moment, an exploration well is being drilled for more accurate estimations of the oil reserves

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Russia, Ukraine and the European Union will have an informal meeting on gas issues today, Russian Energy Minister Sergey Shmatko said, RIA Novosti reports.Shmatko said that they are interested in discussing security of transporting, legal issues and functioning of the gas transport network.The main issue is modernization of Ukrainian gas transport system, which will need $6.5 billion of investments in 2018. The pipeline transports Russian gas to Europe through Ukraine.

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The Nubarash poison chemical dump in Armenia is a threat to people andthe environment, and the danger grows in spring because the dump islocated in a landslide zone, News Armenia reports.Experts from the World Bank studied the territory and confirmed the threat.Specialists say that the dump is not sealed. There are masses of earthmixed with chemicals on the surface.

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Georgia will switch to program budget in 2012, head of the budgetdepartment of the Georgian Finance Ministry Georgy Kakauridze said ata seminar for journalists in Borzhomi. He said that switching to thenew system will make the budget as clear as possible, Business Georgiareports.The current system only states the structure receiving statefinancing, but not the way it is used.

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Baku will host an international conference titled 'Oil and culture -people's riches' on November 23-24. The press-service of the Ministryof Culture and Tourism said that the event is realized within theprogram of cooperation in culture with the Russian Culture Ministry in2009-2010. Officials from major oil companies and scientific spheresof Russia, Russian State Duma deputies will arrive in Azerbaijan.

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Negotiations on possible deliveries of Azerbaijani oil to Belarus will be continued at the level of the Belneftekhim Concern and SOCAR (State Oil Company of Azerbaijan), the Concern's press secretary Marina Kostuchenko told Trend in a telephone conversation. According to her, work in this direction will be continued at the level of state-owned enterprises of the two countries. Belarusian President Alexander Lukashenko proposed that Azerbaijan deliver oil to the country through a "swap" scheme.

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"We attribute great significance to the June 7, 2010 signing of a gas transit and pricing agreement between Turkey and Azerbaijan, which opened the way for producers and shippers to negotiate contracts to bring Caspian gas to European markets," the EU-US Energy Council participants reported in their joint press-statement, Trend reports.According to the statement, the participants reviewed the work of the Energy Security Working Group and were encouraged by progress since the last meeting in the development of a Southern Corridor to diversify sources

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Russia, Kazakhstan and Belarus, the members of the Customs Union, have signed an agreement on a common macroeconomic policy, RIA Novosti reports. This agreement between Russia, Kazakhstan and Belarus implies that from 2013 on, for the sustainable development of their economies, they will undertake to keep their budget deficits within 3% of GDP, state debt within 50% of GDP and inflation no more than five percent higher than the lowest rate among the three states.

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At a plenary session today the Russian State Duma ratified the intergovernmental agreement with Turkey on the construction and operation of a nuclear power plant in Akkuyu, RIA Novosti reports. The Russian-Turkish agreement to build a nuclear power plant near the Mediterranean port of Mersin (on a site named Akkuyu) was signed on May 12 in Ankara. In early October the Russian government introduced the document for ratification by the Duma.

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