Azerbaijani government has again decided to use resources of the State Oil Fund (SOFAZ) to build STAR oil refinery in Turkey.
For this purpose Oil Fund plans to use $204.8 million.
In 2013-2015 $760 million has been spent for this purpose from SOFAZ’s resources.
In early 2015 SOFAZ announced completion of funding Azerbaijan’s share in construction of STAR oil refinery.
100% founder of Star oil refinery is SOCAR Turkiye Enerji, Turkish daughter company of SOCAR, in which 87% share is owned by Azerbaijan. Construction of the oil refinery with the capacity of 10 million tons started in 2014.
Total cost of the project is estimated at $5.65 billion. In June 2014 SOCAR Turkiye Enerji signed the credit agreements with 23 commercial banks to fund Star oil refinery construction. $3,290,000,000 has been borrowed.
By the end of May 2016 68% of works of the oil refinery construction have been completed. It is planned to launch the oil refinery in early 2018.—0—
Economics
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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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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