Number of the countries requesting the Azerbaijani officials to consider possibility of investment into construction of oil refinery on their territory grows. This happened SOCAR laid foundation of a big oil refinery in the Turkish city of Izmir with the annual capacity of refining of 10 million tons in October 2011.
In January 2012 Kyrgyzstan President has made the same request to Azerbaijani President and this project is on the agenda now. Later now Tajikistan made the similar request to Azerbaijani. Ukraine has repeatedly proposed Azerbaijan to build oil refinery on its territory.
This time the former OPEC member-state Indonesia has proposed Azerbaijani to be involved in construction of oil refinery on its territory, Tamerlan Garayev, Azerbaijani Ambassador to Indonesia and Singapore, told journalists last week.
He said Azerbaijan is the second biggest partner of Indonesia on crude oil deliveries after Saudi Arabia.
Garayev added that in 2011 Azerbaijan delivered to Indonesia crude oil worth $1.7 billion. "This year this figure will most likely grow up to $2 billion," he said.
In November 2012 Azerbaijani President will pay an official visit to Indonesia and Singapore.
* SOCAR Trading company is in charge of Azerbaijani oil deliveries from Ceyhan port to Indonesia. It manages its trade operations in South-East Asia from its representation in Singapore.-0-
Economics
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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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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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