Economy

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Petrochemical factory blast kills 4 in Iran

Four men were killed and several injured in an explosion at an oil refinery in Iran.

Iran to start nuclear fusion reactor development

The Iranian authorities declared their intention to launch a programme aimed at developing a nuclear fusion reactor,

Iran is to close accounts in banks of countries imposing sanctions on it

 Iran is to close accounts in the banks of countries that have imposed sanctions on it, and transmit all the money to Asian banks, said Hamid Borhani, deputy president of the Iranian Central Bank. “Iranian money should be kept in banks with guaranteed safety, high profitability and with no risks. Iran has great facilities for foreign investment," he added. Borhani also refuted information that 41 accounts were frozen by the United Arab Emirates in accordance with the new UN resolution on Iran, reports RIA Novosti.

Georgian external trade turnover for the first six months reached $3 billion

 Georgian external trade turnover in January-June of the current year reached $2,951 billion, an 18% rise in comparison with the same period in 2009, reports Georgia Online, citing the National Statistics Service. In January-June exports rose by 40% ($721 million) compared with 2009 and imports rose by 13% ($1,231 billion). Georgia's trade deficit is $1,510 billion.

'Gruzenergo' ex-president misappropriates budgetary money

The ex-director of 'Gruzenergo', Georgi Sheradze, and his deputy, Shota Maisuradze, have been arrested in Georgia,

SOCAR obtains licence for building oil refinery in Turkey

The State Oil Company of Azerbaijan Republic (SOCAR), via joint enterprise SOCAR-Turcas, yesterday obtained a licence for building an oil refinery near the city of Izmir from Turkish energy market regulator EPDK,

Caspian caviar export limits introduced

The Secretary of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) introduced export quotas on caviar and other sturgeon products from the Caspian region on Friday, reports the UN website. The quotas were discussed at a meeting in Tehran between representatives of Azerbaijan, Iran, Kazakhstan, Russia and Turkmenistan. The new CITES permission is valid from March 1 2010 to February 28 2011. It was decided to reduce the quota due to the decrease of the sturgeon stock in the Caspian sea.

Russia issues list of price-regulated food products

The Russian government has approved rules for acceptable retail prices on several “socially important” food products of prime necessity. Retail prices will be set by the government for these items if they have risen in price by 30% in the previous 30 days. There are 24 products on the list, published on the government website, including bread, tea, milk and beef.

SOCAR-Turcas gets licence to build oil refinery plant in Turkey

A licence for building an oil refinery in Turkey was handed over to SOCAR president Rovnag Abdullaev by Turkish Minister of Energetics Taner Yildiz in Ankara today, reports Trend. The plant will be built on the territory of the Petrochemical complex Petkim in Aliaga. The plant will produce 214,000 barrels in 24 hours. Diesel oil, jet fuel and other energy products will be realized on European and Turkish markets.

Rail travel between Azerbaijan and Russia resumed

Rail travel between Azerbaijan and Russia, disrupted by an explosion on the Inchkhe-Izbirbash line in Dagestan, has been resumed, a top Azerbaijan Railways official said on Friday. The explosion occurred earlier on Friday and damaged some 2 km of the line. There were no casualties.

Emergency regime imposed in North Ossetia

An emergency regime has been introduced in North Ossetia by request of the Ministry of Agriculture due a cotton budworm threat, the head of the press-service of the Emergency Ministry of North Ossetia, Yulia Starchenko, told RIA Novosti.

First session of TCC for railroad construction between Kazakhstan, Turkmenistan and Iran

Astana held the 1st session of the Trilateral Coordination Committee (TCC) for railroad construction between Kazakhstan, Turkmenistan and Iran. Members of the delegation of the three countries and representatives of the Secretariat of the OEC and Islamic Bank of Development participated, Iran.ru reports.

Iran and Turkey sign pipeline construction contract

Iran and Turkey sign pipeline construction contract

Iran and Turkey have signed an agreement worth 1 billion euros on construction of a new 660 km long pipeline.

American Monolith to invest millions into Poti

American Monolith will invest a sum of $9 million into Poti, Business Georgia reports.A Limited Liability Company, headed by Georgiy Asatiani, sent a letter to the Ministry of Economy requesting the purchase of 3000 sq. m. belonging to Poti to open an enterprise. But the former deputy minister made a late reply in February, saying that the territory belongs to the mayor's office of Poti and the businessman should address the municipality. The Mayor of Poti, Vakhtang Lemondjava, said that Asatiani got in touch with him on June 21st.

Normal market processes to be created in NCFD

Normal market processes to be created in NCFD

Possibility of allocation of additional non-budgetary funds to the North Caucasus Federal District is not high

Additional funds allotted for media support in Azerbaijan

The Azerbaijani president has signed an order on additional social security measures for media employees, AzerTadzh reports.According to the order, about $6 million will be allotted from the president's reserve fund in 2010 for housing improvement and building of new accommodation for the Azerbaijani journalists.

US to finance Georgian police

About $20.5 million in US financial aid will be allocated for the needs of the Georgian law-enforcement services, Business Georgia reports, citing Georgia's premier Nika Gilauri.The Georgian government will also spend $68.5 on housing improvements for refugees from Abkhazia.

Azerbaijan boosts volume of rail shipping operations

Azerbaijan plans to increase the volume of shipping operations via railroad by 48% by the end of the year, Vesti.az reports.According to the main engineer of the Azerbaijani state railroad company, Gurban Nazirov, the increase will equa 18% in the first half of the year, while by the end of the year this figure will reach 30 million tons of goods. About 80% of goods were transported via the TRACECA corridor.

Kuban finishes grain and grain legumes harvest

Krasnodar Territory is finishing harvesting grain and grain legumes, Yuga.ru reports. According to the regional department of agriculture and processing industry, 91% of the fields had been covered by July 20th. 7341.3 thousand tons of grain were threshed, which is almost 363 tons more than in the same period last year.