The International Energy Agency (IEA) in its last report forecasted a relative growth of Iranian crude oil export next year after signing of the agreement on the Iranian nuclear program in Geneva.
According to the IEA forecasts, next year demand in crude oil at the world market will be higher, than it was thought and considering the current problems with energy carriers production, this could lead to growth of oil prices.
According to the IEA estimates, in November 2013 Iranian oil and gas condensate export increased by 89,000 barrels and reached 850,000 barrels a day. This is connected with growth of export to China and resumption of export to Taiwan. Oil production in Iran increased by 13,000 barrels and reached 2,710,000 barrels a day.
The Geneva agreement cancels ban on insurance of Iranian oil exported by the international companies and therefore, one of the main obstacles hindering Iranian energy carriers’ export to the foreign consumers will be lifted. But this does not mean that the similar volume of Iranian oil export will be resumed. The limitation of Iranian oil deliveries to the Asian countries and the European Union’s sanctions against Iran remain in force and this will not allow Iran significantly increasing its oil export, reported Iran.ru.—0—
Economics
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In late February, the governments of Pakistan and Azerbaijan are expected to sign an investment agreement worth $2 billion, which will include several projects with SOCAR (State Oil Company of Azerbaijan). According to Turan, the energy cooperation projects discussed in January in Islamabad and Baku will feature in the agreement. These projects include energy efficiency initiatives, the construction of a pipeline, and SOCAR’s plans to explore the creation of underground gas storage facilities in Pakistan, as well as documents provided by the Pakistani side related to the exploration and extraction of hydrocarbons in the country.
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Azerbaijan continues to face an acute water shortage that affects both drinking and irrigation supplies, a problem that, despite frequent media attention, remains unresolved. Farmers are particularly feeling the pressure.
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BAKU, Feb 3 (Reuters) - Representatives from Azerbaijan’s State Tax Service (STS) participated in the latest session of the working group on tax, customs, and legal issues hosted by the German-Azerbaijani Chamber of Commerce.
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The Agency for the Development of Small and Medium Enterprises (KOBİA) has issued 192 start-up certificates to entrepreneurs, approximately 50% of whom are youth, according to Orkhan Mammadov, Chairman of KOBİA. The announcement was made at the Fifth Young Entrepreneurs Forum in Baku, underscoring the government's increasing focus on fostering innovation among the nation’s young entrepreneurs.
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