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EMBASSY OF THE REPUBLIC OF AZERBAIJAN

By Charles Reed,2014-07-29 21:03
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EMBASSY OF THE REPUBLIC OF AZERBAIJAN

    Economic News Bulletin, No.74, December 2007

    No 74, 2007 EMBASSY OF THE REPUBLIC OF AZERBAIJAN

     December Hügelgasse 2, A-1130 Vienna, Austria

    Tel.: + 43 (1) 4031322, Fax: + 43 (1) 4031323

    Email: vienna@mission.mfa.gov.az

    Website: www.azembvienna.at

    Contact: Ms. Nargiz Qurbanova

    N THIS ISSUE: N THIS ISSUE: II

    FUEL & ENERGY FUEL & ENERGY

    FINANCE & BANKING FINANCE & BANKING

    ECONOMY ECONOMY

    COMMUNICATIONS COMMUNICATIONS

    ENVIRONMENT ENVIRONMENT

    FUEL & ENERGY FUEL & ENERGY

    SOCAR EXPORTED 7,346 MN for the repair of the Gurban Abbasov TONS OF CRUDE OIL IN ship. Participation fee is $236. JANUARY-NOVEMBER

     The following information should be SOCAR exported 7,346 mn tons of oil submitted by interested applicants: full via the Baku-Novorossiysk, Baku-name of the applicant, its legal status, Tbilisi-Ceyhan and Baku-Batumi country of registration and requisites; routes in January-November. applicant's bank statement of financial

     implications during last year (or the According to the marketing and entire activity, in case it operates less economic operations department of than a year); information about the SOCAR, 221,258 thousand tons were credibility of the applicant to execute carried to Batumi by rail. The Baku-the contract etc. Tbilisi-Ceyhan pipeline carried 5,979 mn tons of profit oil. The standard paperwork packages will

     be accepted until 14 January 2008; bids CASPIAN OIL FLEET CALLS will be accepted until 11.00 on 22 FOR OPEN TENDER January and unsealed at 11.00 the next

     day. The Caspian Oil Fleet opened a tender for the purchase of spare parts required

    Economic News Bulletin, No.74, December 2007

    The Azerbaijani Government has ECONOMY ECONOMY

     approved the law on country of origin

    INVESTMENT COMPETITION of goods defining rules whereby ON SALE OF SHARES OF BAKU relevant information (certificates) must ELECTROMECHANICAL PLANT be submitted to the customs authorities

     when goods are imported. The State Committee for Management of State Property has issued an If a certificate does not contain specific investment contest on sale of 98.45% information about production of goods of stocks of Baku Electromechanical using a given country's mineral and Plant. other resources, such a country will not

     be deemed as the country of origin. Contest participants must submit their investment programs aimed at purchase The country of origin certificates must of new equipment, repair of existing contain the following information: the equipment, extensive issue of special-name and address of the importer and purpose products to international the exporter, the transit route, the standards, employment generation and transport means used, the number of social improvement, as well as confirm places, the type of packaging, the preparedness to allocate AZN 800 goods identification, the compliance thousand to the State Budget, and code, the processing and reprocessing 35,000 privatized vouchers. criteria, the gross and the net weight. If

     a certificate is lost, a notarised copy Foreign investors also should submit shall be required for submission instead. call premiums of this amount together with the vouchers. The rules are adopted in line with the

     presidential decree on aligning the Once the sales-and-purchase agreement national laws with the requirements of is signed, the winner will have to the World Trade Organisation with a deduct 5% of the proposed investment view to speed up accessions to the settlement account of the negotiations of Azerbaijan to this company. organisation. The rules are composed

     in accordance with the Country of Participation fee is AZN 250 thousand. Origin Rules, the GATT and the Bids will be accepted until 4 January Customs Tariffs Law of Azerbaijan. 2008 and the assessment is due to The rules will also apply to imports begin on 7 January 2008. from the countries undersigned to the

     free trade agreements.

    COUNTRY OF ORIGIN RULES The Azerbaijani Cabinet of Ministers APPROVED IN AZERBAIJAN also approved the rules of the minimal

     rent charge for the state property (apart

    2

Economic News Bulletin, No.74, December 2007

    from the housing stock). The new rent instruments. Participation fee is AZN

    regulations are in effect as of 29 200.

    November. To change the current rent Applications will be accepted until 2

    contracts, tenants must apply to the January. Bids will be accepted until 11

    State Committee for Management of January and unsealed on 14 January.

    the State Property.

FINANCE & BANKING FINANCE & BANKING A NEW DAIRY PLANT IS UNDER

     CONSTRUCTION IN BAKU

    IBA REMAINS THE LARGEST

    REAL SECTOR LENDING BANK Azerbaijan Investment Company (AIC)

    WITHIN NATIONAL ECONOMY reports that the construction of a new

     dairy plant with the planned daily

    The International Bank of Azerbaijan capacity of 150 tons of milk has

    (IBA) remains the largest real sector recently started in Baku and is due in

    lending bank in the national economy the first half of 2008; this undertaking

    accounting for every 3rd or 4th loan is a joint project among AIC, EBRD

    given locally; according to the statistics and Milk Pro company. Under the

    by NBA, the net weight of IBA in the project, AIC and EBRD acquired the

    aggregate national banking system's 20% and the 10% stake, respectively,

    loan portfolio is sliding down, though, in Milk Pro.

    and equalled 37.96% on 1 November

    as against 43.82% at the beginning of Initial investment volume is AZN

    this year. The loan portfolio of IBA 4,684 mn ($5.4 mn), while the overall

    had reached AZN 1488.79 mn being project costs are estimated at $11.75

    AZN 481.79 mn or 47.84% up on the mn.

    beginning of the year, though.

     AIC and Milk Pro signed a deal in

    The special bank lending report of December to foster the latter's plans to

    NBA published last week says that set up a new dairy plant in Baku and to

    IBA accounted for 55.8% of all the FX refurbish the existing milk factory in

    loans given in January-October 2007 Goychay.

    arriving at the total value of AZN

    1022.88 mn by the end of October. The AZERALUMINIUM ISSUED A

    AZN loans from IBA accounted for TENDER FOR CHEMICALS AND

    22.3% of the total in January-October INSTRUMENTS

    and equalled AZN 465.91 mn on 1

    November. Azeraluminium issued an open tender

     for lubricating and industrial oils,

    The IBA assets were declared equalling chemical ingredients, chemical

    AZN 1,762 bn last year with 57% of containers and various mechanical

    them being concentrated in the bank's

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    Economic News Bulletin, No.74, December 2007 loan portfolio, which reached AZN WORLD BANK PREPARED THE 1,007 bn on 31 December 2006. INITIAL VERSION OF THE

     WASTE USE MODEL

    COMMUNICATIONS COMMUNICATIONS The World Bank presented the initial

     model of oil waste use based on the WBG PROJECT AIMED AT steady income principle at the tour-de-DEVELOPMENT OF POSTAL table on optimisation of the petroleum SERVICES WILL BE waste recycling; the tour-de-table was PROLONGED attended by officials of the Azerbaijani

     ministries of economic development The joint project of the Azerbaijani and of finance, as well as of the Government and the World Bank National Bank and the State Oil Fund. Group (WBG) aimed at promotion of financial services will run on until mid-Deputy minister of economic 2009 as against the previous timing development Sevinj Hassanova whereby it should be done by the end updated the WB experts on the of 2008. progress of implementation of the long-

     term strategy of using oil proceeds Post offices of Azerpoct will start (incorporating the fiscal suggestions of providing finance services in the the WB), which President of format of the project in the first half of Azerbaijan approved on 27 September 2009. 2004.

    World Bank's IDA lent Azerbaijan $17.5 mn for automation of the postal and finance services under the roof of

    Azerpoct; $12.5 mn was lent as a soft

    loan and $5 mn came as the

    contribution of the Azerbaijani

    Government.

About 3 thousand post offices

    throughout the country have been

    modernized under the project. About

    110 new post offices were opened last

    year and 85 have been opened since the

    beginning of this year, while 300 more

    will open in 2008.

ENVIRONMENT ENVIRONMENT

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