Economy

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Modernization in Azerbaijan

The economic crisis has afflicted all countries of the world. As a result, the global economy is now in a period of recession that will probably last for several years.

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SOCAR (the State Oil Company of the Azerbaijani Republic) has launchedits sixth petrol station in Azerbaijan. The new fuel station in Bakuis located on the Zykh Highway. The head of the company, RovnagAbdullayev, was at the opening ceremony, Trend reports.SOCAR plans to open 26-30 fuel stations in Azerbaijan.The demand for fuel on the domestic market of Azerbaijan increased by4% in January-November 2010, compared with the same period in 2009.

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Situation at Moscow airports improves

The situation at Moscow's airports after the "ice rain" is normalizing. 13 flights from the Moscow airports of Domodedovo, Sheremetyevo and Vnukovo have been postponed, 38 were cancelled and 25 were carried out

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Iran may close economic interaction with countries with which it hastensions, a spokesman of the commission for national security andforeign policy of Iran, Kazim Jalali, said, Trend reports.The commission passed a bill on December 19, closing all political,cultural and economic ties with countries Tehran distrusts, includingthe UK.

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Azerbaijan and Iran have inked two Memoranda of Understanding on mutual cooperation in management of water resources in the Caspian Sea, Trend reports. The agreements were signed during a five-day visit to Baku by the head of Iran's Water Research Institute, Mohammad Riyahi, and the head of Iran's Caspian Sea National Research Center, Homayoun Khoshravan.

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Iran's Defense Minister Brigadier General Ahmad Vahidi has announced that the country will launch two new Iran-made satellites by March 2011,  

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  Russia and France have agreed to cooperate in the production of two Mistral helicopter-carriers in a telephone conversation between Russian President Dmitry Medvedev and his French counterpart Nicolas Sarkozy, Itar-Tass reports.   The helicopters will be produced by a consortium consisting

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Georgian President Mikhail Saakashvili hopes that the new mountain resort in Mestia, in the Svaneti region, will host about half a million tourists in a few years, NewsGeorgia reports. Saakashvili urged businessmen to build hotels in the area.

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The EuroChem company and the Department for Agriculture and Processing Industry of the Krasnodar territory have signed a cooperation agreement for 2011. According to the document, the EuroChem will provide 275 thousand tons of furtilizers, Yuga reports referring to the official website of the company.The EuroChem is the largest producer of mineral fertilizers in Russia and is one of the three European and one of the dozen of world leaders in this industry. Its main business is production of nitrogen, phosphate and compound fertilizers.

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A one-day conference on trade and economic cooperation between Iranand China took place in Beijing. It was attended by the IranianAmbassador to China, Mehdi Safari, and Iranian businessmen residing inBeijing, Iran News reports.Mehdi Safari said that that the trade volume between the two countrieshad reached 30 billion dollars a year and the heads of two statesrecurrently emphasized the need to further expand trade relations.The Iranian ambassador to China also noted that the development course

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The Nairit factory has not paid off its $2.8 million debt forelectricity to Armenian Electric Networks, head of the electriccompany Yevgeny Gladunchik said on December 24. He said that they arecontinuing to provide energy to the factory in small quantities sothat it can keep up production. The factory is paying for the energy,news.am reports.

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Armenia will purchase 800 tons of elite Russian wheat seed in 2011,Armenian Minister of Agriculture Gerasim Alaverdyan said, News Armeniareports.The purchase is part of the program of seed production development for2010-2014. The government provided 558 million drams.The minister also said that 1010 tons of elite Russian wheat seedswere purchased, 50 tons of which were provided to the Nagorno-KarabakhRepublic.

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The Azerbaijani Cabinet has approved the charter and structure of thejoint-stock company Azercosmos. Its shares belong to the government,Trend cites the Cabinet.According to the charter, the main goal of the company is launchingAzerbaijani satellites, their management and exploitation. The companywill also provide Internet, TV, radio photography, navigation andother services.The charter capital will be 40 million manats, with each share worth anotional value of 20 manats.

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Azerbaijani Airlines will receive two Airbus-320 airplanes at 15.00today, the head of the company’s press-service Magerram Safarali said,Trend reports.Safarali said that the company will have a total of six airplanes:four Airbus-320s and two Airbus-319s. Two Airbus-320s will arrivetoday, two more in January 2011 and the remaining Airbus-319s willarrive in the first quarter of 2011.Safarali said that the purchase was made using a credit. The planeswere produced in 2007.

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A major fire broke out last night on the territory of SOCAR (the StateOil Company of the Azerbaijani Republic) in the village of Garachukhurin the Surakhan District of Baku, ANS reports.Witnesses say that the fire was preceded by several explosions. Itcovers 1,200 square meters and spread to nearby houses.Fire-fighters from nearby districts aided in putting the fire out.They prevented it from spreading.No one was injured.

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A spokesman of the Iranian company for construction and development oftransport infrastructure in East Azerbaijan Province, Hamid AliMohhamad-zade, said in an interview with IRNA that the Tebriz-Mianerailway will be completed with the participation of foreign investors.He said that the High Economic Council allowed realization of theproject with participation of foreign partners and provided $740million. The tender will be held in the near future.

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Oktay Hagverdiev: “No problems with economic growth”

Oktay Hagverdiev, ex-Head of the Economics and Finance Department under the Azerbaijani Cabinet of Ministers and distinguished statesman sums up Azerbaijan’s financial year for VK.- What was the 2010 economic year like for Azerbaijan?- All in all, it was a successful one. We didn’t experience any of the consequences of the crisis; we have economic growth and financial stability. People’s incomes are rising faster than inflation. Compared to many other countries, our situation is much better; government policies are aimed at social and economic stability.

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The Georgian tax authorities will be able to carry out secret monitoring without court permission from January 1, according to a parliamentary resolution, Business-Georgia reports. The measure was taken to crack down on fraud, as cases were being hampered by the time taken to obtain a court order. The authorities believe that a hidden camera can be used on the basis of operative information and firm suspicion. 

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Kazakhstan intends to facilitate an activation in trade between the member-states of the Organisation for Economic Cooperation, Trend cites Kazakh premier Karim Masimov, with reference to KazTAG. "By improving the road and transport infrastucture, we are doing our best for people to have access to the market.

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