After Standard and Poor's, Fitch Ratings also lowered the credit rating of Azerbaijan from BBB- to the "junk" level of BB+.
The Fitch Ratings press release states that the low oil prices have caused a significant deterioration in the financial position of Azerbaijan. Reduction of the country's rating from BBB- to the "junk" level of BB+ was due to the government's inability to balance the costs and revenues on the background of lower oil prices, which led to the unstable economic situation.
Fitch also expects that Azerbaijan's GDP will decline by 3.3% in 2016. -0-
Economics
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Turkey is in talks with the United States seeking an exemption from sanctions imposed on Russia’s Gazprombank, a key financial institution for energy transactions, to maintain gas payments to Russia, Energy Minister Alparslan Bayraktar said on Tuesday.
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Kazakhstan is charting an ambitious course to transform its oil export infrastructure, aiming to increase annual shipments via the Baku-Tbilisi-Ceyhan (BTC) pipeline by more than thirteenfold—from the current 1.5 million tons to an estimated 20 million tons. The bold strategy, presented by Energy Minister Almasadam Satkaliyev during a parliamentary session, underscores Kazakhstan’s intent to become a major player in the energy supply chain stretching from Central Asia to Europe.
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Two new vice presidents have been appointed at BP's Azerbaijan, Georgia, and Turkey (AGT) region division, according to a press release from BP-Azerbaijan.
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Data on Azerbaijan's oil exports for January-October 2024 reveals a significant drop in both volume and value compared to the same period last year, highlighting the challenges facing the oil-dependent economy. The country exported 495,484.05 tons of oil products worth $309.02 million, a decrease of 40.3% in value and 40.7% in volume compared to 2023, when exports totaled 925,225.07 tons worth $572.21 million.
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