The European Bank for Reconstruction and Development (EBRD) refuses to approve the credits related to the energy sector of Azerbaijan in 2013.
Russian LUKoil oil company has become another victim lf this policy: EBRD has refused to allot it credit to fund the operations for development of the Shah-Deniz gas condensate field in Azerbaijan in 2013.
EBRD reported that discussion of the issue of allotting of the credit to LUKoil Overseas Shah Deniz Ltd (LSD) to fund its commitments for expanding of the Shah-Deniz Phase 1 was postponed from December 10, 2013 till January 15, 2014. The formal reason was that the final review of the project was no ready.
LSD’s share in the project constitutes 10%. EBRD still considers possibility of allotting the company $200 million worth credit. LSD company is owned by LUKoil Overseas company. Total cost of the Shah-Deniz Phase 1 expansion is $2128 million and LSD’s share in it is equal to $212.8 million.
EBRD has also earlier postponed allotting of credit to SOCAR for its project in Turkey till 2014.—0—
Economics
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The weaknesses of strategic planning in the Azerbaijani land transport sector were revealed during a briefing on improving legislation, which was attended by representatives of the Azerbaijan Land Transport Agency (AYNA) and the Ministry of Digital Development and Transport.
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The Cabinet of Ministers of the Republic of Azerbaijan has made changes to the existing provisions regarding the approval of construction documentation and the service fees for construction. The amendments are guided by Article 119 of the Constitution of Azerbaijan and are aimed at simplifying processes related to construction permits and operations.
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The Cabinet of Ministers of the Republic of Azerbaijan has approved a new procedure for the recruitment of medical personnel to medical institutions included in the state healthcare system. The decision, which comes into force on January 1, 2025, aims to enhance the implementation of compulsory health insurance in the country.
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The Organization of Turkic States (OTS) convened a pivotal meeting in Guba, recently named the agricultural capital, to introduce the "OTS Made" brand for agricultural products. Representatives from the Ministries of Agriculture of Azerbaijan, Turkey, Uzbekistan, Kazakhstan, and the Turkish Republic of Northern Cyprus, along with experts from relevant departments, participated in the event.
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