Economy

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Electricity supplies to Tskhinvali will be temporarily disabled due to repair works in the district, informs IA 'Res'. The electricity will be cut off in the daytime, from 09.00 to 19.00 from August 18th to 21st.

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Iran is going to sell obligations amounting to $3 billion before next March to finance the development of the Southern Pars deposit in the Persian Gulf.According to the executive director of the Pars Oil and Gas Company, Ali Vakili, income from those obligations will be free from taxes. The Ministry of Oil expects the Southern Pars deposit will bring in $100 billion a year.The Southern Pars gas deposit is considered to be one of the biggest deposits in the world and contains 50.97 trillion cubic meters of gas.

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Charter flights will be restored between Russia and Georgia from the 23rd of August. The company "Sibir" will operate flights 3 times a week. It is now possible to buy tickets on the internet. The cost is $500.The company "Georgian Airways" will also operate flights to Moscow, reports Georgia Online.

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The president of Russia,, Dmitri Medvedev said that he considers it crucial to restore agriculture in Chechnya. He is also thinking about improvements in the region, reports ITAR-TASS.During his meeting with the president of Chechnya, Ramzan Kadyrov, he recalled that he had recently visited Chechnya and he liked what could be seen from the helicopter.Ramsan Kadirov noted that a great improvement is taking place in the social sphere.

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Iran is investing $2.2 billion into seven oil refineries, said the deputy minister of Oil, Alirza Zeigami, reports Trend.After finishing these projects, Iran plans to produce 70% of the gasoline it requires. He added that this will allow production of 12 million liters of petrol a day.

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2 wild pigs were found dead in a forest in the Severskiy district of the Krasnodar Territory, reports Interfax. Since the beginning of the year 3 pigs have died from the disease in the region. One of the outbreaks caused the death of 77 pigs in the Makarenskiy district. All the herds (3700 pigs) on the farms 'KFH Makarenko' and 'Zarya' were killed.The illness has also been discovered in the Volgogradskaya and Rostovskaya regions and in Kalmikiya.

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The American company Chevron declared that they have used their right to buy more shares in the Azerbaijani "Azeri-Chirag-Gunashli" oilfield reports Trend.Chevron bought an additional 0.99%, increasing its share to 11.27%.The share division is: BP (operator - 37.43%), Chevron (11.27%), SOCAR (10%), INPEX (10.96%), Statoil (8.56%), ExxonMobil (8%), TPAO (6.75%), ITOCHU (4.30%), Hess (2.72%).

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The minister of defense of Iran, Ahmad Vakhidi, says that tests of the new "Giyam" rockets, third generation 'Fateh-110' rockets and "Kirar" drone planes will take place on the 22nd of August, reports Trend.Also, the production of new ships, the?"Siradzh" and "Zulfukar", testing of the dividing satellite system and the start of 28 projects will take place.According to Vakhidi, the "Kirar" is the first long-range unmanned plane.

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The Georgian Minister of Economic Affairs, Vera Kobalia, has studied the reconstruction plan for the aerodrome in Mestia, which would allow the airport to accommodate airplanes and helicopters.“Developing the private sector is our priority. Increasing the number of tourists fosters the development of small-scale enterprises. We need more hotels, shops and cafes. There will be new jobs created, attracting new people to the region,” the Minister said. Design work is by the American-Bulgarian company “ATM Project and Solutions”, together with Georgian experts.

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The president of Iran, Mahmoud Ahmadinejad, has ordered to continue working on uranium enrichment to provide the Tehran scientific and research reactor with fuel, reports RIA Novosti.On July 18th, the Iranian Parliament passed a bill supporting the Iranian nuclear program. 181 out of 190 parliamentarians voted for the bill, which caused great apprehension in Western countries.

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The halting of Russian grain exports will not affect the Azerbaijan market, says the press secretary of the Ministry of Agriculture Murtusali Gadzhiev. According to him, annual imports of grain from Russia are only 13 % of total Azerbaijani imports and this year the harvest and imports allow the needs of the country to be fulfilled without it, reports ITAR-TASS.16.08.2010

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BP takes out credit to buy Azerbaijani oil.British Oil Company BP took out a five-year credit from Royal Bank of Scotland and Societe Generale amounting to $2 billion, reports Reuters.These credits will be maintained by selling oil from the deep-water oil field Gunashli in Azerbaijan. The money will be remitted to BP by the end of September.

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Baku Stock market changes its logo. According to the  new development strategy for 2010-2012, the Stock Market of Baku (SMB) is changing its official logo from August 16th, reports Turan. The new logotype reflects the role of  SMB in the financial sector of the country. The former logo has not been changed since the foundation of the SMB in 2000.

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Iran instigates trilateral negotiations on export of Iranian gas to Europe. Asghar Soheilipur, the National Iranian Gas Company's (NIGC) planning manager, reported that the undersecretaries of energy of Iraq and Syria have received official invitations to visit Tehran  for trilateral negotiations concerning exporting and delivery of Iranian gas, says Iran News.

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State of Georgian debt is over $546 million. Georgia's external debt to 17 countries is $546.7 million, including  $17 million to  Azerbaijan. The biggest public credits are those from Germany - $189.7 million, Russia - $117.4 million, Japan - $55.8 million, the USA - $36.8 million, Turkey - $32.9 million, reports PanARMENIAN.Net.In addition Georgia has been given credit by international institutions, amounting to $2532.2 million. At present Georgia's external government debt is $3583.5 million.

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