In his interview to Russian RBC Vagit Alekperov, LUKoil President, refuted the statement that foreign banks cannot allot the company credit, because of the sanctions.
“We have been working with the banks to fund our projects, including the Shah Deniz project,” Alekperov added.
He said “the company has been negotiating with EBRD and we already have confirmation that the funding will be ensured.”
He also added that LUKoil has been working with the Asian countries to fund the company’s projects in Uzbekistan.
“The markets are not closed for us, but we failed to place our bonds,” he explained.
In the near future LUKoil plans to get a credit worth $500 million from EBRD and $450 million worth credit from Asian Development Bank (ADB) to fund its 10% share in the Shah Deniz-2 project.—0—
Economics
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Azerbaijan’s consumer price index (CPI) for the period of January to August increased by 1.3% compared to the same period in 2023, marking a period of moderate inflation in the country. According to the State Statistics Committee, the overall CPI for the eight-month period reached 101.3%, with various sectors showing mixed inflationary pressures.
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Azerbaijan has witnessed a significant rise in the average nominal monthly wages of salaried workers, with an 8.3% increase recorded from January to July of this year compared to the same period in 2023. According to data released by the State Statistics Committee, the average nominal monthly salary reached 1,002.4 manats, as the country experiences both economic growth and sectoral shifts.
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The Chairman of the Central Bank of Azerbaijan (CBA), Taleh Kazimov, recently hosted a high-level delegation led by Elisabetta Falcetti, the Executive Director for Turkey and the Caucasus at the European Bank for Reconstruction and Development (EBRD). The meeting, held in Baku, focused on key initiatives to bolster the sustainable development of Azerbaijan’s financial sector and expand access to financing for the country’s real economy. Among the most pressing topics was the EBRD's support for Azerbaijan’s ongoing green transition.
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Recently, the prices of certain food items have increased in Azerbaijan. This is also reflected in the data released today, September 11, by the State Statistics Committee (SSC). It was noted that in August, compared to July, there were price increases in rice, beef, lamb, sausage products, butter, olive oil, and onions.
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