Economy

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The Azerbaijani state oil company, SOCAR, has put into commission the reconstructed crain-lift vessel Gurban Abbasov and the vessel Caspian Power, which will operate within the BUE Caspian alliance in the Azerbaijani sector of the Caspian sea, reports Trend.

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Stability in world oil prices and the exchange rate of the lari to the dollar allow stability in fuel prices in Georgia to be forecast, claimed Vano Mtvralashvili, chairman of the Oil Importers Union, Business Georgia reports.

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This year Iranian petrochemical production exports grew 30%, head of the Iranian National Petrochemical Company, Abdulhuseyn Bayat, claimed on Monday, IRNA reports. Iran has exported over 7 million tons, amounting to $4.7 billion.

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Iran does not intend to create nuclear weapons and stands for a nuclear-free world, Iranian president Mahmoud Ahmadinejad claimed on Sunday. Ahmadinejad has arrived in New York to participate in the three-day UN Summit on Millenium Development on Monday and in the political discussion during the 65th session of the UN General Assembly, reports ITAR-TASS. International Atomic Energy Agency inspectors haven't proved that Iran is producing nuclear weapons and

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Georgia’s network

Modern state, according to a well known formula, consists not only of army, police, customs, finance, but also – and that is equally important – of its infrastructure and energetic system.

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Austrian Airlines has decided to withdraw from the Georgian market due to commercial reasons, Business-Gruzia reports.According to a spokesman for the company, it was provided with all necessary conditions by the Georgian side and it looks forward to resuming its activity in Georgia.

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Prices of all basic products are still rising in Georgia, Business Georgia reports. Overall price growth is tending towards 100-150% annually.Prices for foodstuffs have increased by 50-100% in the past year, while personal hygiene products are up by 20-30%.If this price growth continues, experts say there is a possibility of the threat of famine this winter, as ordinary customers won't be able to afford foodstuffs.

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Today Georgian governmental officials will discuss the proposed new internal revenue code with business representatives, Georgia Online reports, referring to the Georgian Finance Minister, Kakha Baindurashvili. According to the Minister, this is not a simple meeting of bureaucrats and businessmen, but an expert concilium called to discuss the legal issues concerning the new law.

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Despite bad crops Ukraine can send food aid products to Armenia and Georgia, claimed Ukrainian Premier Nikolay Azarov at the Agricultural Fair in Kiev. Georgia depended on grain imports from Russia (the source 95% of its grain imports), which has imposed an embargo on grain exports. The situation in Armenia is the same. The Ukrainian Agricultural Ministry estimates its grain crops to be sufficient to offer aid to Armenia and Georgia.

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According to preliminary data of the Georgian Statistics Department, foreign investment in Georgia for the second quarter of 2010 amounts to $197 million, reports Business Georgia. Taking into account the $75.7 million of investment in the first quarter, the total sum comes to $237 million. Experts regard the situation as unsatisfactory and forecast lower levels in the second half of the year.

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Sochi-2010 investment forum

Nine agreements were signed, amounting to 118,600,000 euros worth of investments, during the IX International Investment Forum Sochi-2010.

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Russia's largest oil company, Rosneft, plans to develop a retail tradenetwork in the Commonwealth of Independent States, claimed thecompany's vice-president Igor Romashov on Saturday, RIA Novostireports. Rosneft is already working in the CIS wholesale market,including in Tajikistan and Kyrgyzstan, and now plans to developretail trade, he remarked. The creation of a subsidary enterprise,“Central Asia”, is also planned.

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This year GDP growth in Armenia will come to 3-4%, the head of the macroeconomic department of the Armenian Ministry of Finance and Economy, Armen Hayrapetyan, told a press conference on Saturday, News.am reports.According to him, economic growth has slowed down as the result of a downslide in the agricultural sector. During the January-July period a 23% decline was registered, due to unfavorable climate conditions.Inflation will exceed the index of 4±1.5%, Hayrapetyan said.

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The Baku-Moscow flight was delayed till 18.00-18.30 Baku Time, due to a technical malfunction. The plane had already left for Moscow but was forced to return to Baku, Trend reports.

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Freight trains loaded with wheat seed are now being prepared for transportation to Armenia from Russia, NewsArmenia quotes the Armenian Ambassador to Russia, Oleg Yesayan, who stressed the importance ofthis delivery. This wheat is being delivered as part of a Russian humanitarian aid program, stipulating delivery of 1000 tonnes of grain, as Armenian production of grain cannot meet the country’s needs. The first delivery will reach Armenia in 15 days.

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The Azerbaijani State Committee for Standardization, Patents and Metrology intends to implement safety standards at petrol stations, reports 1news.az. Reduce of atmospheric emissions is only one part of the Euro-2 standards. The AZS 447-2010 standard was applied by the Committee on the 22nd of June 2010.

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A Russian-Turkish working group could meet in Moscow at the end of September to discuss issues of the Samsun-Ceyhan pipeline construction in Turkey, the Russian Energy Minister told RIA Novosti. The pipeline may lessen the burden on the Bosphorus and Dardanelles, transporting 60-70 million tons of oil a year. The pipeline will be placed between the towns of Samsun and Ceyhan. Russian companies Rosneft, Transneft and Sovkomflot, the Turkish group Calik and Italian group Eni will participate in the project.

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The Iranian company Iran Hodrow is starting negotiations with an unnamed Turkish company on a $2 billion investment into construction of a new car factory, several sources have told Mehr agency. The factory is planned to be built on the Iranian-Turkish border. The head of the Iranian company, Javad Najmeddin, claimed that production will be geared to the markets of Islamic countries.

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