In addition to direct profit from production sharing agreements (PSA), such as government's profit from oil, profit of State Oil Company of Azerbaijan (SOCAR) in the form of oil as well as profit tax of oil companies, Azerbaijan gets indirect profits, reads the audit report "BP Stable Development in Azerbaijan in 2011."
According to the report, during 2011 BP company and its partners in Azerbaijani projects, mainly Azeri-Chirag-Guneshli, Shakh-Deniz, BTC and SCP, signed long-term contracts worth $700 million with 38 Azerbaijani companies.
Within the projects for stable development in 2011, last year costs of BP and its partners in the Azerbaijani projects reached $1.2 billion, up 17% against 2010. Of total sum of the costs $255 million fell to the contracts with small- and medium-size companies. The growth constituted 77% against 2010. $285 million fell to share of joint ventures with the growth of 8%. In addition, the contracts with the state enterprises totaled $36 million, up 33% against 2010.-0-
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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