Economy

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China ready to discuss Iran sanctions - Catherine Ashton

China is ready to discuss sanctions against Iran but insists that theyshould focus on restraining Tehran's nuclear program, ITAR-TASSreports, EU foreign affairs chief Catherine Ashton after negotiationswith Chinese Premier Wen Jiabao.The issue discussed was not the imposition of sanctions, but what kindof sanctions there should be, she said.

Kazakhstan and Russia sign an agreement on parallel work of energy systems

Russian and Kazakh energy companies signed an agreement on Friday on parallel work of the energy systems of the two countries, RIA Novosti reports citing the press-service of Kazakh national electricity management company KEGOC.

Turkey will help Iran, Iraq and Syria train ecologists and meteorologists

The Ministry of Environment and Forests of Turkey will cooperate withIran, Iraq and Syria in training ecologists and meteorologists, 6newsreports. Turkey will carry out the training.An ongoing meeting on the issue will last 2 days, and is participatedin by the vice-president of Iran, as well as the ministers ofenvironment of Syria and Iraq. The agreement is expected to be signedat the end of the meeting.

Inflation in Turkey set to reach 8.4% by yearend

The head of the Central Bank of Turkey Durmus Yilmaz has declared thataccording to forecasts the inflation level by the end of the year willbe 8.4%, 6news reports.The inflation level in 2012 will drop to 5%, he said.

Third bridge to be built in Istanbul

Istanbul authorities have begun constructing a third bridge. TheTurkish Minister of Transport Binali Yildirim said that the 1.3 kmbridge over the Strait of Bosporus will solve the rising problem oftraffic flow in Istanbul, 6news reports.The tender will start in September this year. There will be 3 lines oftraffic on each side. Construction is planned to be carried out in 5years. The project will cost $5 billion.

Building machinery to be produced in Azerbaijan's Ganca

An automobile plant in Azerbaijan's Ganca and the German companyHaller signed a long-term agreement today to start production ofmachinery based on MAZ cars with Haller equipment, Trend reports,citing the enterprise.The contract will last 10 years. The vehicles will be produced in Azerbaijan.They plan to produce approximately 100-150 units for sale inAzerbaijan, Turkey and Georgia. The director of the Ganca automobileplant, Khanlar Fatiyev, said that most parts will be produced inAzerbaijan.

Iran launches production of unmanned vertical take-off, landing plane

Iran has produced its first unmanned plane with vertical takeoff andlanding capabilities, Trend reports, citing the IRINN televisionchannel.Modelling, production and tests have been accomplished.The Nasr-1001 plane is capable of rising 3 kms vertically. It can alsofloat in the air, land on water and transport cargoes.

Rapid-transit train "Armenia" to be launched on May 30

The high-speed train "Armenia" will be launched on May 30th on the route between Yerevan and Barumi, reports Armenia Today, citing the director of the South Caucasus Railroads, Shevket Shaidullin. He also announced changes in suburban train schedules, with trains running up to four times a on the Yerevan-Armavir and Yerevan-Ararat routes.

SOCAR to invest $50mln in Georgia this year

The National Azerbaijani Oil Company (SOCAR) will invest about $50mln in Georgia this year, reports Trend, citing the head of the company Mahir Mamedov, reports Trend. The development of Georgian-Azerbaijani business cooperation was discussed at a business forum hosted by Georgia. Mamedov participated in the forum as a chairman of the Azerbaijani Entrepreneurs Association in Georgia.

Rescue training centre opened in Kazakhstan

A training centre "Semser" for rescue specialists in oil-and-gas industry facilities has been opened in Kazakhstan. "The 'Semser' centre is aimed at training high-skilled fire-fighting specialists to carry out rescue works at oil-and-gas extraction facilities, where risks of fire and environmental pollution are dramatically high," - reported a spokesman for the "KazmunaiGaz" company, which has financed the opening of the training centre. It is expected that more than 300 rescue specialists will pass training courses in the next three months.

Kazakh parliament ratifies agreement with Armenia

The Kazakh parliament has ratified an agreement with Armenia on promotion and joint protection of investments. "The agreement states that both sides are bound to provide fair and equitable currency of investments and investment returns as well as economic protection", said vice-minister for industry and technologies Narmuhambet Abdibekov. The agreement was signed on November 2006. It is aimed at further developing economic cooperation between the countries. Meanwhile, both sides have the right to exclude and limit the sphere of action of the agreement.

Industrial recession in Stavropol stopped

Industrial recession in Stavropol stopped

Stavropol positions itself as a city of innovative technologies, with a pharmaceutical cluster and industrial park.

Georgian-Azerbaijani business forum to open in Tbilisi

A governmental delegation and a group of businessmen from Azerbaijan have arrived in Tbilisi today. The Georgian-Azerbaijanian business forum is to open today in Tbilisi. According to Rosbalt, the Azerbaijani delegation is headed by Azerbaijani Minister for theEconomy, Shahin Mustafayev. He will open the forum together with Georgian Minister for Economic Development Zurab Pololikashvili.The Azerbaijani delegation will be welcomed by Georgian Prime Minister Nikoloz Gilauri.

Gazprom to buy 10 billion cubic meters of Turkmen gas

This year Gazprom intends to buy 10 billion cubic meters of gas in Turkmenistan, the deputy head of Gazprom Valery Golubev said on April 28, reports Trend.

Putin orders faster licensing of Centralnoye

The Centralnoye structure on the Caspian Sea, where Lukoil has beencarrying out geological exploration, has been ordered to be licensedimmediately, RIA Novosti cites deputy head of Gazprom Valerie Golubev,after a council on Caspian development chaired by Russian PremierVladimir Putin.The license of the operator of Centrcaspneftegaz (joint-venture ofLukoil and Gazprom) expired on October 30th 2009.

Cargo turnover in Georgia increased by a third

Cargo turnover in Georgian ports in the first quarter of 2010increased by 36.9% compared with the same period of 2009, BusinessGeorgia reports. The figures were reported at a press-conference todayby the head of Unitary Transport Administration, Levan ChiChinadze.This concerns the ports of Batumi, Poti and Kulevi. Statistics show atotal of 4,306,583 tons of cargo turnover in the first quarter of2009, which this year amounts to 5,898 619, which is 1,592,036 tons(36.9%) more.

Azov oil exploration continues

Rosneft and Lukoil plan to continue exploring the Sea of Azov , RIA Novosti reports, citing head of Rosneft Sergey Bogdanchikov.On the Temriuk-Akhtarsk field in Krasnodar Territory of the Azov shelf they plan to take seismic measurements.The license belongs to Oil Company Priazovneft, a joint venture of Rosneft (42.5%), Lukoil (42.5%) and the administration of Krasnodar Territory (15%).

Norwegian company to build hydroelectric plants in Adzharia

A Norwegian company Clean Energy Invest obtained the right to build 4 hydroelectric plants on the Adzharistskali river, Business Georgia reports. Georgian Energy Minister Alexander Khetaguri said that two other Turkish companies, Kolin and Limak, participated in the tender.

Yerevan Nairit factory continues work

There will be no redundancy at the Neirit factory and workers will continue to receive wages, Armenian Minister for Energy and Natural Resources Armen Movsisyan stated to parliament, Panorama reports. The factory will resume work in 10-15 days, switching to butadiene-method of production by the end of the year.Butadiene rubber production will make cheaper rubber at higher quality, expanding the consumer market, the minister said.

Russian-Iranian co-operation to develop

The fifteenth International Exhibition “Oil, gas and oil-chemistry ofIran” in Tehran, with the participation of the Russian Ministry ofEnergy, has ended. Zarubezhneft, Sibur Holding and the Pipe Metallurgycompany presented their exhibits, Iran News reports.