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AZERBAIJAN


  
  

 

In-depth Business Intelligence

Key Economic Data 
 
  2003 2002 2001 Ranking(2003)
GDP
Millions of US $ 7,124 6,090 5,600 102
         
GNI per capita
 US $ 810 710 650 146
Ranking is given out of 208 nations - (data from the World Bank)

Books on Azerbaijan

REPUBLICAN REFERENCE

Area (sq.km)
86,600

Population
7,868,385

Principal ethnic
groups
Azeri 90%
Russian 2.5%
Armenian 2%
Dagestani 3.2%
other 2.3

Capital
Baku

Currency
Azeri Manat

President
Ilham Aliyev



President
Ilham Aliyev
 


Update No: 302- (27/02/06)

ENERGY

Tauras wins Azeri crude tender 


Tauras has won a tender called by Azeri state oil company, SOCAR, for a February consignment of Urals crude to be shipped from the Russian port of Novorossiisk, SOCAR said, Interfax News Agency reported.
The consignment amounted to 140,000 tonnes, and was to be shipped on February 23-24. Glencore bought the first consignment in 2006. The following companies bought SOCAR oil from Novorossiisk in 2005: LUKoil International Trading and Supply Company (Litasco), Vitol Broking, Arcadia, BP Oil, Total, Glencore, Shell, Mercuria and Sunoil.

Azerbaijan gas production up 16% in 2005 

Azerbaijan produced 5.818 billion cubic metres of gas in 2005, up 16.2 per cent from 2004, a source at the Azeri state oil company, SOCAR, said, Interfax News Agency reported.
Azerbaijan International Operating Company (AIOC), the operator for Azeri-Chirag, and Gunashli fields, produced 1.888 billion cubic metres of gas, up 87.6 per cent, due to the start of production at the Azeri field. SOCAR production dropped 1.7 per cent to 3.93 billion cubic metres in the period. The company's oil and gas production divisions produced 3.824 billion cubic metres, down 1.3 per cent. Production by joint ventures and operating companies working at inland fields totalled 106.6 million cubic metres, down 14 per cent. 
Gas production in Azerbaijan in December totalled 577.2 million cubic metres, including 340.2 million cubic metres produced by SOCAR and 237 million cubic metres produced by AIOC. Associated gas produced by AIOC under the full-scale development of Azeri-Chirag-Gunashli fields is transferred to Azerbaijan free of charge. Azerbaijan has six operating companies producing gas at inland fields - Salyan Oil Ltd (Kyursengi and Garabagly fields), Karasu Operating Company (Kyalameddin and Mishovdag), Shirvanoil (North, Central, and South Gyurovdag), Gobustan Operating Company (Southwest Gobustan), Binagadi Oil (Binagadi) and AzShengli (Pirsagat), and two joint ventures - Azerbaijani-Malaysian-Turkish ANSHAD Petrol (Neftchala) and Azerbaijani-German AzGerneft (Ramany).

Azerenergy, Russia's UES reach agreement for 2006 

The state-owned electric power producer, Azerenergy, and Russian supplier, RAO Unified Energy Systems, agreed on electric power supplies in Azerbaijan for 2006. Azerenergy said, New Europe reported,
"Russia will provide electricity for about 3.6 cents per KWt/hr from January to November 2006." Azerbaijan's government started several projects to restore and add new capacity to the power sector. Unfavourable economic conditions, high taxes and non-payment of electric bills left the power sector without sufficient working capital and investment funds. Baku imports electric power for 2.99 cents per KWt/hr from Moscow last year but now the company raised the price to 3.99 cents starting this year due to increase in cost value of electric power.

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FOREIGN DEBT

Foreign debt grows 5% to USD 1.673bn in 2005 
Azerbaijan's foreign debt grew a tentative 5 per cent to US$1.673 billion in 2005, the Azerbaijani Finance Ministry said, Interfax News Agency reported.
Foreign debt accounted for 14.1 per cent of GDP at the beginning of 2006 and the per capita debt was US$201.5, up 5.5 per cent. The increase in foreign debt is the result of a more active borrowing policy conducted by the Azerbaijani government in 2005, in particular for developments in the electricity industry and road construction, the ministry said.

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FOREIGN LOANS

Azerbaijan to receive 1bn Euro in WB loans 

Azerbaijan is planning to receive more than one billion Euro in loans from the World Bank in 2006-2008, Azerbaijani finance minister, Avaz Alakbarov, said, Interfax News Agency reported. 
"The programme for the new three-year cooperation strategy with the World Bank has already been prepared. The bank's board of directors will discuss this document in February," he said. The total amount of loans envisioned in the new three-year strategy may exceed one billion Euro, he said. The money is expected to be spent on carrying out infrastructure programmes. Azerbaijan has been a World Bank member since 1992. The bank has provided over 710 million Euro to Azerbaijan to finance various programmes since that time.

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