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Rovnag Abdullayev: Caspianв's gas potential is great and there will occur need for additional gas corridors
28.06.2013 16:48
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By selecting TAP (Trans Adriatic Pipeline), Azerbaijan has taken its important steps to become European energy supplier, said the President of the State Oil Company of Azerbaijan Rovnag Abdullayev.

Abdullayev noted that the idea on delivery of Azerbaijani gas to Europe will not be limited only with Shahdeniz project: "Azerbaijan has gas reserves approved in the 2 trillion cm. TAP project will change European energy map."

He stressed that Azerbaijan will participate in other energy projects of Europe: "Caspianв's gas potential is great and there will occur need for additional gas corridors."

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    http://cdn.trend.az/pictures/2014/01/30/james_clapper_300114.jpg
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    http://cdn.trend.az/pictures/2015/04/17/trend_azerbaijan_flag_081114_03.jpg
    http://cdn.trend.az/pictures/2015/04/17/trend_azerbaijan_flag_081114_03.jpg
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    http://cdn.trend.az/pictures/2012/07/25/Road_250712_1.jpg
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    http://cdn.trend.az/pictures/2015/10/15/trend_araz_azimov_220912_2.jpg
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    http://cdn.trend.az/pictures/2014/06/19/south_stream_190614.jpg
    http://cdn.trend.az/pictures/2014/06/19/south_stream_190614.jpg
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    ---

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    19
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    http://cdn.trend.az/pictures/2015/08/23/oil_230815.jpg
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    The BP forecasts in the nearest 20 years a fourfold increase in consumption of energy produced from renewable energy resources (RER), according to BP's Energy Outlook 2016 to 2035.

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    ---

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    22
  • New OSCE PA special representative for South Caucasus appointed
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    http://cdn.trend.az/pictures/2013/02/19/OSCEPA_Flags_190213.jpg
    http://cdn.trend.az/pictures/2013/02/19/OSCEPA_Flags_190213.jpg
    Baku, Azerbaijan, Feb. 11

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    http://cdn.trend.az/pictures/2014/02/07/_atabank_logo_new_070214.jpg
    http://cdn.trend.az/pictures/2014/02/07/_atabank_logo_new_070214.jpg
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  • SP: 2016 to be testing year for EMEA's many banking systems
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    Baku, Azerbaijan, Feb. 11

    By Azad Hasanli - Trend:

    In an article published on RatingsDirect, titled "Negatives Tip The Scale For EMEA's Emerging Banking Systems In 2016," Standard amp; Poor's Ratings Services says it believes this will be a testing year for emerging banking systems in Europe, the Middle East, and Africa (EMEA).

    "In our view, the recent oil-price shock, currency risk, and legacy portfolio issues are the key threats for emerging EMEA banking sectors in 2016," said Standard amp; Poor's credit analyst Natalia Yalovskaya.

    "But we also regard political and market uncertainties, among other factors, as latent threats," she said. "We believe banking environments will deteriorate further and therefore foresee risks increasing for banks in 2016."

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    Although we anticipate some strain on Gulf banks' funding and liquidity this year, good asset quality and strong capitalization remain positive factors.

    Furthermore, we foresee adverse operating conditions for Bulgarian, Croatian, and Polish banks, but we believe Czech, Slovak, Slovenian, and Hungarian banks should benefit from the improving economic environment. In Belarus, Ukraine, Georgia, and Turkey, banks remain vulnerable to declining asset quality and higher refinancing risk, due to currency depreciation.

    "Generally, we expect that negative rating actions will outweigh positive ones in the region's emerging banking markets," Yalovskaya added.

    In fact, we see a positive economic risk trend in only two countries, Hungary and Slovenia.

    The report states that country-specific factors also represent a danger for some systems, such as geopolitical uncertainties in Turkey, the ongoing tensions between Russia and the West, and lack of stability in Ukraine.

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    19
  • Personnel changes at Turkish bankв's Azerbaijani subsidiary
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    http://cdn.trend.az/pictures/2014/07/07/yapi_kredi_bank_azerbaijan_logo_070714.jpg
    http://cdn.trend.az/pictures/2014/07/07/yapi_kredi_bank_azerbaijan_logo_070714.jpg
    Baku, Azerbaijan, Feb. 11

    By Azad Hasanli - Trend:

    Personnel changes took place at the Yapi Kredi Bank Azerbaijan, a subsidiary of the Turkish Yapi Kredi Bankasi.

    Nihat Senyuva left the bank's risk management committee, while Baran Altinel left his position in the assets and liabilities committee, said Yapi Kredi Bank Azerbaijan in a message posted on its website Feb. 11.

    However, Senyuva and Altinel continue performing their main duties, Yapi Kredi Bank Azerbaijan told Trend Feb. 11.

    Thus, Senyuva is currently heading the bank's IT-department, while Altinel is heading the marketing and sales department.

    Currently, their positions in the two committees remain vacant.

    Yapi Kredi Bank Azerbaijan, previously Kocbank Azerbaijan, started its operations in 2000.

    The bank was established by the Turkish KocBank, as part of Koc Holding, and the International Finance Corporation.

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    9
  • Leyla, Arif Yunusovs not allowed to leave Azerbaijan
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    http://cdn.trend.az/pictures/2014/07/31/leyla_arif_yunus_310714.jpg
    Baku, Azerbaijan, Feb. 11

    By Samir Ali - Trend:

    The Yasamal District Court of Baku has reviewed an appeal by Leyla and Arif Yunusovs on Feb. 11 regarding a permission to travel abroad for treatment, Yunusovs' lawyer Elchin Sadigov told Trend Feb. 11.

    The court session, chaired by Judge Azer Tagiyev, didn't grant the appeal.

    A petition of appeal will be submitted with regard to the court's decision, said the lawyer.

    Sadigov also said that Arif Yunusov currently suffers from hypertension of third stage, which threatens his life.

    "Therefore, it is important for Arif Yunusov to remain under the supervision of doctors in a specialized clinic," added the lawyer.

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    The court's sentence read that Yunusovs' bank accounts were confiscated.

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    Leyla Yunusova was charged under the articles 274 (high treason), 178.3.2 (fraud by inflicting major damage), 192.2.2 (illegal entrepreneurship), 213.2.2 (evasion from a large amount of taxes), 320.1 (forging a certificate or another official document providing rights or exempting from duties, in order to use or sell that document, as well as making for the same purposes or selling the forged state awards of Azerbaijan, stamps, seals, and forms) and 320.2 (use of deliberately forged documents indicated in the article 320.1) of the Criminal Code of Azerbaijan.

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    On Dec. 9, 2015, the Baku Appeals Court decided to conditionally release Leyla Yunusova.

    She was released in the court room.

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    28
  • Bakcellв's network recognized as Best Mobile Network of 2015
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    http://cdn.trend.az/pictures/2015/03/19/logo_bakcell_main.jpg
    http://cdn.trend.az/pictures/2015/03/19/logo_bakcell_main.jpg
    Baku, Azerbaijan, Feb. 11

    Trend:

    Bakcell, The First Mobile Operator and The Leading Mobile Internet Provider of Azerbaijan has been recognized as the provider of "The Best Mobile Network" in 2015. On Feb, 05, 2016, Bakcell has received the Azeri Business Award, the National Prize established by the Business Time Magazine.

    Providing better coverage and higher network capacity for its customers, Bakcell presents the most robust network in the country. Bakcell is one of 73 networks worldwide using carrier aggregation technology and having LTE-Advance category 6 enabled. Updated Bakcell network is ready to support a higher data rate (up to 225 Mbit/s) and for the introduction of innovative technologies such as HD Voice.

    According to the results of independent network quality benchmarking surveys of the mobile operators' networks, conducted during the second quarter of 2015, Bakcell has excelled its rivals by demonstrating the best voice services reliability and accessibility indicators along with the fastest internet access speed in LTE Network and most stable data connectivity on the market (retainability indicator).

    "It is important for us that our network receives now not only the positive evaluation of the experts but also the recognition of the business in Azerbaijan" - said Mr. Richard Shearer, CEO Bakcell. "Bakcell's network superiority is something already noticed by the increasing number of business clients, and the Azeri Business Award for the "Best mobile network in Azerbaijan" comes as a proof of it. During the last couple of years, Bakcell has made a huge investment in development and expansion of its network, and we plan to continue working in this direction by implementing new and better tools" - added Mr. Shearer.

    Bakcell continuously invests in the network development in order to provide its subscribers with the highest quality mobile communication services.

    Bakcell, The First Mobile Operator and the Leading Mobile Internet Provider of Azerbaijan, offers a variety of products for modern mobile communications customers. Bakcell provides class leading 3G mobile internet experience in the country under the Sür@ brand name.

    As one of the largest national non-oil investors, Bakcell today continues making large investments in the economy of Azerbaijan through its investments in state-of-the-art telecommunication technology and its people who service our customers.

    Bakcell's network covers more than 99% of the population and 93% of the land area of the country (excluding occupied territories). Bakcell is a leader in innovation and it focuses on bringing the best of the mobile internet to Azerbaijanis through new partnerships and its Sür@ services.

    For more information about Bakcell products and services, please visit www.bakcell.com or call 555.For press releases please seewww.bakcell.com/az/news (or www.bakcell.com/en/news for press releases in English).

    If you are not a Bakcell subscriber, but wish to find out about Bakcell and its services, please call 055 000 05 55.

    10
  • Nar launches new Affordable prices, valuable bonuses campaign
    11.02.2016 18:43
    http://cdn.trend.az/pictures/2015/04/07/nar_mobile_main_logo.jpg
    http://cdn.trend.az/pictures/2015/04/07/nar_mobile_main_logo.jpg
    Baku, Azerbaijan, Feb. 11

    Trend:

    Nar launches a new campaign with the World Telecom (WT) store network. Till the end of March, anyone who purchase Huawei Ascend G526 or Ascend Y220 in WT stores will get a free Nar number with monthly bonus amount in the balance and the Internet bundle during six months.

    In the frame of the campaign, you can buy Huawei Ascend G526 or Ascend Y220 in World Telecom stores without any pre-payment and can gradually pay for it within next 12 months. Any person wishing to buy a smart phone on beneficial terms can obtain additional information from nar.az.

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    9
  • International Bank of Azerbaijan awards staff members
    11.02.2016 18:43
    http://cdn.trend.az/pictures/2016/02/11/abb_mukafat_110216.jpg
    http://cdn.trend.az/pictures/2016/02/11/abb_mukafat_110216.jpg
    Baku, Azerbaijan, Feb. 11

    Trend:

    The International Bank of Azerbaijan (IBA) has awarded staff members with the highest certification exam score at the examination held by the Azerbaijan's State Students Admission Commission to check the professional knowledge.

    Evaluation of the professional knowledge was carried out in four areas: treasury, banking operations, loan operations and accounting. Participants answered 100 test questions - 85 questions on banking and law and 15 questions on logical thinking. The exam involved 583 employees of the IBA.

    The highest result in the area of Treasury showed leading specialist-cashier of Naqliyyat branch Baghirli Tarlan Ilqar oglu (90 points), in the area of Accounting -head of supervisory division of Qazakh branch Asgarov Farid Rovshan oglu (77 points), in the area of Loan operations - head of loan division of Ganja branch Safarov Kamal Nizami oglu (82 points) and in the area of Banking operations - chief specialist of operations division of Absheron branch Rzayev Ali Cavad oglu (87 points).

    During the awarding ceremony it was mentioned that this evaluation process was aimed to learn the current situation with the level of employees' professional knowledge. The examination will help to increase efficiency of efforts in this field. High results will have their positive influence on the future career of employees. At the end of the ceremony the staff members with the highest certification exam score were awarded certificates and presents.

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    8
  • Azerbaijan, Iran, Russia work on establishing energy corridor
    11.02.2016 18:16
    http://www.today.az/pictures/pic147773.jpg
    http://www.today.az/pictures/pic147773.jpg
    /By Azernews/

    By Aynur Karimova

    Azerbaijan, Iran and Russia are working to create the North-South energy corridor among the three neighbor countries.

    This was announced by Azerbaijan's Energy Minister Natig Aliyev on February 10.

    He told journalists that the removal of the international sanctions from Iran will play a significant role in the development of Baku's relations with Tehran.

    "The North-South corridor is being established not only in the transport, but also in the energy sector. It envisages the export of electricity from Russia to Azerbaijan and further to Iran. A special working group has been established. The energy ministers of three countries are working on this issue," he said.

    In November 2015, Russian Energy Minister Alexander Novak confirmed the interest in linking the energy systems with Azerbaijan and Iran.

    ''We also confirm the interest in continuing to examine the issue of linking the energy systems of Russia, Iran and Azerbaijan, and we consider it reasonable to resume the tripartite working group,'' Novak said.

    In response, Azerbaijan confirmed the interest and readiness for resuming the meetings as part of the tripartite working group.

    Oil amp; gas

    Aliyev went on to add that Azerbaijan and Iran are implementing major projects in the oil and gas sector.

    ''The issue of the Iranian gas transit through the territory of Azerbaijan is on the agenda,'' he said, adding: ''the use of Azerbaijani gas storage facilities by Iran and other areas of cooperation, which we will develop, are also on the agenda."

    Baku has offered Tehran to use Azerbaijan's infrastructure for transporting energy resources to the world markets. Such an initiative, which was made at a summit of Gas Exporting Countries Forum held in Tehran on November 23, 2015, was welcomed by Iran.

    Energy-rich Azerbaijan is considered by Tehran as a suitable route for the transit of Iran's massive natural gas resources to European consumers.

    Iran, which holds 33.8 trillion cubic meters of proven natural gas reserves '" or 18.2 percent of the worldв's total proven reserves '" has pursued multiple projects for years to pipe natural gas to Europe.

    Iranв's geographical location makes it possible for the country to bring its gas to markets in Europe only via routes running through Turkey or Azerbaijan.

    Azerbaijan is already on the path to exporting not only its own natural gas to Europe, but Iranв's as well. It is believed that TANAP, which will later be linked to TAP, can become a reliable route for supplying Iranian gas to Europe. By joining TANAP, Iran is sure to strengthen Azerbaijanв's regional position as a transit country. This will not only bring economic benefits, but also political dividends that will be much more significant.
    13
  • Azeryol Baku host Italian standout in CEV Cup Challenge Round
    11.02.2016 18:16
    http://www.today.az/pictures/pic147774.jpg
    http://www.today.az/pictures/pic147774.jpg
    Azeryol Baku will be hosting on Thursday, February 11, Italyв's Igor Gorgonzola Novara for the first stage of the 2016 CEV Volleyball Cup '" Women Challenge Round. The match will start at 6pm local time and will be taking place in Azerbaijanв's capital.

    Home star Yelena Parkhomenko says: ''We have been working really hard and we are getting better and better. We recently played two matches in our national league which revealed some problems and we made some mistakes. However, the main thing is to be in a good shape and ready for this match, without having to cope with any injuries. If we impose our game on Novara, the match can develop in a favourable way for us and we can secure a home victory. I know this is going to be a tough game and Novara will be doing their best to win too. I think the difference will be made by the quality of the performance we can deliver in reception as well as at serving.''

    /By Azertac/
    7
  • BP forecasting significant growth in global gas output
    11.02.2016 18:04
    http://cdn.trend.az/pictures/2015/02/16/trend_oil_gas_main.jpg
    http://cdn.trend.az/pictures/2015/02/16/trend_oil_gas_main.jpg
    Baku, Azerbaijan, Feb. 11

    By Elena Kosolapova - Trend:

    BP forecasts the growth in global gas production from 3.13 billion tons of oil equivalent in 2014 to 4.412 billion tons of oil equivalent - in 2035, according to the BP Energy Outlook 2016.

    The gas production is forecasted at the level of 3.6 billion tons of oil equivalent in 2020, 3.86 billion tons - in 2025, 4.14 billion tons - 2030.

    Global supplies of natural gas grow robustly underpinned by increases in shale gas around the world, according to BP.

    Shale gas grows strongly (5.6% per annum) throughout the Outlook, with the share of shale gas in total production increasing from just over 10% in 2014 to nearly a quarter by 2035.

    In the first half of the Outlook period, almost all of the growth in shale output stems from the US. Further out, growth in China's shale gas production increases, such that by 2035, China is the largest contributor to growth in shale gas production.

    US shale gas is expected to grow by around 4% per annum. The US shale gas accounts for around three-quarters of total US gas production in 2035 and almost 20% of global output.

    Much of the increase in conventional production comes from non-OECD countries, with marked increases in the Middle East, China, and Russia.

    ---

    Follow the author on Twitter: @E_Kosolapova

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    11
  • Iranian tradesmen expect no post-JCPOA change
    11.02.2016 18:03
    http://cdn.trend.az/pictures/2015/03/30/iran_nuclear_30032015.jpg
    http://cdn.trend.az/pictures/2015/03/30/iran_nuclear_30032015.jpg
    Tehran, Iran, February 10

    By Mehdi Sepahvand -- Trend:

    Iran's nuclear deal with world powers, called the Joint Comprehensive Plan of Action (JCPOA), was said to denote the opening of Iran's market to the world and ease trade. The deal ended years-long sanctions on Iran and businessmen and well as customers were hoping to gain easier access to foreign goods and services.

    About one month since the deal was put to practice, those active in the Iranian market say their dreams have not yet come true and they do not expect much change for certain reasons. "I've in in this business for 40 years.

    We pray to God the market made a move and things turn normal. Relations with world have grown better and making contacts is much easier after the JCPOA. But what we expect most is to have fixed prices in order to be sure of our business," one businessman who imports doorknobs and other building equipment told Trend February 10.

    "I am a producer with factory and workers. After the JCPOA not only have raw material and workforce not gone down in price, but insurance fees have risen and there is loads of raw material stuck in customhouses because the prices are going to go higher and the government has halted the material's release until new prices are established," a hardware producer said.

    Asked if there has been any change in the behavior of customers after the nuclear deal, Mehrabi, the owner of a warehouse said people are trying not to buy anything yet because they are waiting for prices to fall.

    "Even if prices fall and there are various countries to import from, no big change is expected. Top-quality goods come from countries such as Turkey and Italy. But they come with much higher prices than Chinese-made goods and a few percentage of people can afford them. China is everything. No one can compete with China," he added.

    China remained Iran's big trade partner in the past few years despite harsh Western sanctions. The country was Iran's biggest source of non-oil goods import at the same time as it was its biggest oil customer. Iran exported 17.56 million tons of non-oil goods, worth $5.33 billion to China during the first eight months of 2015. Iran's non-oil exports to China witnessed a fall of 15.3 percent in terms of value while the volume of the Islamic Republic's non-oil exports to China decreased by 25.4 percent, according to Iranian Customs Administration latest monthly report published Oct. 4.

    China was the main importer of Iranian goods in the mentioned period. Beijing's imports accounted for 22.7 percent of Iran's total non-oil exports in terms of value and 33.3 percent in terms of volume.

    During the sanction period China was the number one destination of Iran's crude oil and no change will be made in this sphere in the new era, Iranian Deputy Oil Minister Amir Hossein Zamaninia said January 17.

    Iran and China are planning to sign a contract on currency swap, Iranian ambassador to China Ali Asghar Khaji said recently. China is the world's largest exporter of goods, exporting worth $500 billion to the US and $600 billion to the EU. Iran is seeking to join the Shanghai Cooperation Organization.

    Stay up to date with latest Iran news on our specialized Facebook page

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    10
  • Forecasted economic growth lures MasterCard issuer to Iran
    11.02.2016 18:03
    http://cdn.trend.az/pictures/2015/08/14/mastercard__logo_140815.jpg
    http://cdn.trend.az/pictures/2015/08/14/mastercard__logo_140815.jpg
    Baku, Azerbaijan, Feb. 10

    By Farhad Daneshvar - Trend:

    Following recent report circulated by Iranian media regarding a plan by TransForex, a MasterCard issuer, to expand its operation to the Islamic Republic, a UK-based Iranian expert has suggested that forecasted growth for the economy, promises high returns and positive growth in the market to foreign service providers of financial services.

    "Given the magnitude of the market and the size of the middle class Iranian households the entrance of TransForex to the country is indicative of the appeal of the financial service to outside credit providers to households and small businesses," Mehrdad Emadi, consultant at the U.K.-based Betamatrix International Consultancy, told Trend.

    A recent IMF report estimates that Iran's real GDP growth is projected to accelerate to 4-5.5 percent in 2016/17 and to average 4 percent throughout the medium term.

    Emadi believes that financial sector in Iran is quite thin in terms of financial instruments and the level of competitiveness.

    According to him, the spread of interest rate differences between different lenders in the official banking system of Iran is 16 percent (the gap between high cost versus low cost lenders) which is twice as high as those observed in the UAE and Kuwait where the financial market is more developed.

    Iranian financial markets have been isolated from the world capital markets over the past several years, they are uncompetitive and are open to the abuse of market power by large lenders, he concluded.

    Over the past decade in a bid to curb Iran's nuclear program, the international community took measures against Tehran, including restrictions imposed on the country's financial system, as well as industry, which have had a catastrophic impact on Iranians' economic situation and life conditions.

    Following a long-awaited nuclear deal clinched between Tehran and the world major powers most of the international sanctions against Tehran were lifted on Jan. 16.

    Stay up to date with latest Iran news on our specialized Facebook page

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    9
  • Iran calls for ending Syrian crisis
    11.02.2016 18:03
    http://cdn.trend.az/pictures/2014/12/17/mohammad-javad-zarif.jpg
    http://cdn.trend.az/pictures/2014/12/17/mohammad-javad-zarif.jpg
    Baku, Azerbaijan, Feb. 11

    By Khalid Kazimov - Trend:

    Iranian Foreign Minister Mohammad Javad Zarif has called for unilateral fight against extremism, IRNA news agency reported.

    Zarif who is in Germany to attend the meeting of the International Syria Support Group (ISSG) in Bavaria, Germany, in the run-up to the Munich Security Conference, made the remarks at his arrival in Munich.

    "The Western and regional countries must understand the reality of joint and unilateral fight against extremism and come up with a rational solution to end crisis in Syria," he said.

    Zarif said that the international community has missed a deadline to end the Syrian crisis and finding a solution to end the crisis has been postponed due to wrong policies and irrational pre-conditions set by some countries or groups.

    It is also necessary to differentiate terrorists from opposition groups in Syria, he added.

    A UN Security Council resolution in December last year approved a draft resolution on peace process in Syria. According to the resolution, Syrian government and opposition groups should attend peace talks to find a solution for putting an end to the crisis.

    However just a few days after launching the talks in the Swiss City of Geneva, the UN suspended peace talks suggesting that they will be resumed soon. Syrian sides keep blaming each other for the collapse of the talks.

    Over 250,000 people have died and at least 11 million have been displaced in Syria, since the crisis broke out in 2011.

    Stay up to date with latest Iran news on our specialized Facebook page

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    12
  • Azerbaijanв's Central Bank sets manat rate for Feb. 12
    11.02.2016 18:02
    http://cdn.trend.az/pictures/2016/01/07/manat_dollar_070116.jpg
    http://cdn.trend.az/pictures/2016/01/07/manat_dollar_070116.jpg
    Baku, Azerbaijan, Feb. 11

    Trend:

    Official exchange rate of manat, Azerbaijani national currency, against the US dollar was set at 1.5745 manats/$1 for Feb. 12, said the Central Bank of Azerbaijan (CBA) Feb. 11.

    The average rate of manat was set following the interbank transactions on the Azerbaijani currency market, said the CBA.

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    10
  • Baku City Circuit presents media accreditation for Formula 1
    11.02.2016 17:35
    http://www.today.az/pictures/pic147776.jpg
    http://www.today.az/pictures/pic147776.jpg
    Baku City Circuit Operations Company (BCC) held a workshop focused on the accreditation process of 2016 FORMULA 1 GRAND PRIX OF EUROPE for local mass media representatives on February 11 at Hilton hotel in Baku.

    About 70 national journalists, including broadcast, online and print media, got a chance to learn about the upcoming media accreditation process for the inaugural Formula 1race to be held in Baku this summer.

    The media accreditation process for the 2016 FORMULA 1 GRAND PRIX OF EUROPE will begin for Azerbaijanв's national media on March 1st via the BCC official website:www.bakucitycircuit.com. The deadline to apply for media access to the 2016 F1 Grand Prix of Europe is 17.00 (Baku time) on March 31st.

    In the opening speech, Nigar Arpadarai, BCCв's Head of Marketing and Communications, and National Press Officer for the 2016 FORMULA 1 GRAND PRIX OF EUROPE, spoke about the latest preparations for the race, and urged national media to actively engage in the application process.

    ''We invite the national media to play a key role in covering the 8th round of the 2016 FIA Formula One World Championship which Baku will host on June 17th -19th. I would advise journalists to act fast and apply as early as possible so that they donв't miss out on this unique chance to be a part of the largest motorsport event ever held in Azerbaijan," she said.

    During her speech, Ayan Aghayeva, Media and Broadcast Operations Manager at BCC, presented the details of the accreditation requirements to the media. Rahim Aliyev, official Ambassador of the 2016 FORMULA 1 GRAND PRIX OF EUROPE, and the nationв's prominent Formula 1 commentator also shared his thoughts with the attending media how to best cover an F1 race.

    At the end of the workshop, BCC officials hosted a Qamp;A session in which they answered all of the questions asked by the attendees.

    Baku City Circuit (formally Baku Grand Prix LLC) stands for the name of official promoter of the 2016 Formula 1 Grand Prix of Europe in Azerbaijan, as well as the title of the host venue of the race.

    With a length measuring at slightly over six kilometres, the 20-corner track will be lapped 51 times, with cars reaching potential speeds of up to 340km per hour, marking the circuit out as the fastest street circuit on the existing F1 calendar.

    The circuit offers a number of challenges for drivers, including an extremely narrow uphill section along the old town walls that will require pinpoint accuracy, and it has an acceleration section of almost 2.2 kilometres along the seaside promenade, which will see the cars running flat out at very high speed - something that will create an incredible show for race fans.

    On the weekend of June 17-19, 2016, the specially constructed Baku City Circuit will see Formula 1 cars race around the picturesque streets of downtown Baku, incorporating the cityв's UNESCO-protected old town '" Icheri Sheher - as well as its modern skyline and beautiful Caspian Sea vista in front of a global audience of millions.

    /By AzerTac/
    12
  • Azeryol Baku host Italian standout in CEV Cup Challenge Round
    11.02.2016 17:34
    http://www.today.az/pictures/pic147775.jpg
    http://www.today.az/pictures/pic147775.jpg
    Azeryol Baku will be hosting on Thursday, February 11, Italyв's Igor Gorgonzola Novara for the first stage of the 2016 CEV Volleyball Cup '" Women Challenge Round. The match will start at 6pm local time and will be taking place in Azerbaijanв's capital.

    Home star Yelena Parkhomenko says: ''We have been working really hard and we are getting better and better. We recently played two matches in our national league which revealed some problems and we made some mistakes. However, the main thing is to be in a good shape and ready for this match, without having to cope with any injuries. If we impose our game on Novara, the match can develop in a favourable way for us and we can secure a home victory. I know this is going to be a tough game and Novara will be doing their best to win too. I think the difference will be made by the quality of the performance we can deliver in reception as well as at serving.''

    /By AzerTac/
    7
  • BP expecting growth in global oil production
    11.02.2016 17:33
    http://cdn.trend.az/pictures/2012/02/17/oil_rigs_170212.jpg
    http://cdn.trend.az/pictures/2012/02/17/oil_rigs_170212.jpg
    Baku, Azerbaijan, Feb. 11

    By Elena Kosolapova - Trend:

    BP forecasts the growth in the global oil production from 4.22 billion tons of oil equivalent in 2014 to 4.9 billion tons of oil equivalent in 2035, according to the BP Energy Outlook 2016.

    The oil production is forecasted at the level of 4.5 billion tons of oil equivalent in 2020, 4.69 billion tons - in 2025, 4.84 billion tons - in 2030.

    Non-OPEC supply accounts for the majority of the supply increase, growing by 11 Mb/d, while OPEC increases by 7 Mb/d, according to BP. All of the net increase in non-OPEC supply comes from the Americas: US shale, Brazilian deepwater and Canadian oil sands.

    ---

    Follow the author on Twitter: @E_Kosolapova

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    11
  • First test train China-Kazakhstan-Turkmenistan-Iran launched
    11.02.2016 17:22
    http://cdn.trend.az/pictures/2016/01/22/konteyner_gatari_220116.jpg
    http://cdn.trend.az/pictures/2016/01/22/konteyner_gatari_220116.jpg
    Baku, Azerbaijan, Feb. 11

    Trend:

    The first similar container train launched on the China-Kazakhstan-Turkmenistan-Iran railway route proceeded from Turkmenistan to Iran, RIA Novosti reported Feb. 11.

    The test journey is conducted for adjusting the regular transportation on this new railway route.

    The train loaded with various goods left from the Chinese city of Iu at the end of January, passed the distance of 7,908 kilometers, crossed the territory of Kazakhstan and reached the Turkmen railway station of Serkhetyak (Border).

    The Turkmen site of the new transnational railway route lies from Serkhetyak station to Serakhs on the Turkmen-Iranian border. This part is equal to 1,156 kilometers. As experts consider, the train will reach its terminal station in Iran's capital - Tehran.

    The total length of China-Kazakhstan-Turkmenistan-Iran route is about 10,000 kilometers, and the journey time is about two weeks.

    The creation of such transport and transit corridor became possible after the construction of the Kazakhstan-Turkmenistan-Iran international railway route. The road was opened in December 2014 with the participation of Turkmenistan's President Gurbanguly Berdimuhamedov, Kazakhstan's President Nursultan Nazarbayev and Iran's president Hassan Rouhani.

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    9
  • Baku Shipyard to build submarine
    11.02.2016 16:55
    http://www.today.az/pictures/pic147766.jpg
    http://www.today.az/pictures/pic147766.jpg
    /By Azernews/

    By Amina Nazarli

    Baku Shipyard, the most modern shipbuilding and ship-repair facility in the Caspian Sea, has received an order worth $ 40 million to build a submarine.

    This was announced by Economy Minister Shahin Mustafayev at the board meeting of the Ministry.

    Reminding that Baku Shipyard is one of the major shareholders of Azerbaijan Investment Company, the minister said it uses advanced technology meeting the latest standards. Currently, the plant is engaged in building of submarine and three passenger ships.

    "Until now, Azerbaijan Investment Company has been involved in projects in the field of production of building materials, shipbuilding, production and processing of agricultural products, logistics and other fields, a total value of which is $1.1 billion,'' he said

    Founded in 2011 by Azerbaijanв's oil company SOCAR owning 65 percent of its shares, Azerbaijan Investment Company owning 25 percent and Keppel Offshore Marine holding 10 percent, Baku Shipyard is strengthening the economic and industrial potential of Azerbaijan.

    Baku Shipyard is capable of constructing various vessels ranging from offshore support vessels, general cargo vessels, tug boats, crane vessels, specialized vessels and passengers vessels to tankers.

    The yard has a capacity to produce 25,000 tons throughput per annum of steel works for new buildings and able to undertake 80 -100 vessels repairs and conversion of various types.
    15
  • NATO special repв's Baku visit date announced
    11.02.2016 16:42
    http://cdn.trend.az/pictures/2015/05/13/trend_ceyms_appaturay.jpg
    http://cdn.trend.az/pictures/2015/05/13/trend_ceyms_appaturay.jpg
    Baku, Azerbaijan, Feb. 11

    Trend:

    The NATO Secretary General's Special Representative for the South Caucasus and Central Asia James Appathurai will visit Baku on February 16, NATO's press service told Trend Feb. 11.

    It is planned that during the visit, Appathurai will hold meetings with Azerbaijani officials.

    The Azerbaijan-NATO cooperation is carried out within the "Partnership for Peace" program. Earlier, NATO adopted a document of the fourth stage of the Individual Partnership Action Plan for 2015-2016.

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    10
  • Azerbaijan Turkeyв's important partner in the region - ambassador (exclusive)
    11.02.2016 16:42
    http://cdn.trend.az/pictures/2016/02/11/trend_ismail_alper_coshkun_110216_2.jpg
    http://cdn.trend.az/pictures/2016/02/11/trend_ismail_alper_coshkun_110216_2.jpg
    Baku, Azerbaijan, Feb. 11

    By Rufiz Hafizoglu - Trend:

    Azerbaijan is Turkey's important partner in the region from the first day of its independence, Turkey's Ambassador to Azerbaijan Ismail Alper Coskun said in an exclusive interview with Trend Feb. 11.

    The relations between Turkey and Azerbaijan are not only friendly; Turkey trusts in Azerbaijan and counts on it, he said.

    Azerbaijan and Turkey have great potential, he said adding that the two countries have jointly used this potential for over 20 years, which has led to the region's development.

    "The potential of Turkey and Azerbaijan is not directed against anyone," said the diplomat.

    The relations between the two countries have reached such a level that Baku and Ankara can together invest in third countries, and this is an obvious example of how the two countries can act in the globalizing world, he said.

    Coskun also noted that Turkey and Azerbaijan are at the center of such trilateral formats, as Azerbaijan-Georgia-Turkey, Azerbaijan-Turkey-Iran and Turkey-Azerbaijan-Turkmenistan.

    During the Turkish President's alleged visit to Azerbaijan, said the diplomat, it is expected that the two presidents will discuss issues on energy, transport, economy, as well as regional issues.

    He added that the discussion of other issues such as the development of relations in military, educational and cultural spheres is also expected during the visit.

    The trade turnover between Azerbaijan and Turkey in 2015 neared $1.48 billion of which $1.17 billion accounted for import from Turkey, according to Azerbaijan's State Customs Committee. The trade turnover between the countries reduced by 17.5 percent compared to the previous year.

    ---

    Follow the author on Twitter: @rhafizoglu

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    9
  • No room for early crude price rise
    11.02.2016 16:17
    http://www.today.az/pictures/pic147763.jpg
    http://www.today.az/pictures/pic147763.jpg
    /By Azernews/

    By Gulgiz Dadashova

    Although the rift between Riyadh and Tehran has quickly took the shape of the worst conflict in decades between the two sides, Iranв's Oil Minister Bijan Zangeneh has said Tehran ready to negotiate with Saudi Arabia over the current situation on oil markets to find a way to bolster weak oil prices.

    "We support any form of dialogue and cooperation with OPEC member states, including Saudi Arabia," Zangeneh told reporters.

    The comments come amid intensifying efforts to persuade OPEC and non-OPEC members to consider output cuts. Earlier the cooperation between OPEC members and non-OPEC members to stabilize the global oil market was a topic of talks between Saudi Arabia's oil minister Ali al-Naimi with his Venezuelan counterpart.

    Riyadh rejected the initiative to sit for early meeting of the suppliers, although six countries, including Iran, Oman and Russia have agreed to meet at a table of talks.

    The long anticipated discussion is expected to shed a light on many issues of concern, but yet experts are not optimistic over the meeting.

    Edward Chow, a senior fellow at CSIS Energy and National Security Program, says itв's hard to see how this can work when Iran will be trying to sell additional oil after the removal of international sanctions.

    ''Any talks would be focused on Iran asking Saudi Arabia to cut production to allow room for new Iranian supply,'' he wrote in an e-mail to AzerNews.

    Tehran resumed oil exports after Western sanctions over its nuclear program were lifted, and announced it plans to produce 0.5 million barrels a day. The move will add more pressure on an already oversupplied market, as the OPEC continues to refuse to cut its production.

    Gal Luft, co-director of the Washington-based Institute for the Analysis of Global Security, shares the view that the agreement on the output cut is very unlikely.

    ''Talks between Saudi Arabia and Iran are meaningless. Part of the Saudi strategy is to bring the Iranians to their knees by denying them revenues. Iran is and will continue to be Saudi Arabia's prime enemy,'' he wrote in an e-mail to AzerNews.

    Asked about the possibility of any price rise following the OPEC meeting, yet no consensus have been reached among the OPEC and non-OPEC members, Luft said the OPEC meeting is unlikely to bring production cuts.

    ''The Saudi strategy is working. The American producers are all in the red, rig count has dropped two thirds since 2014 and many producers are at the brink of bankruptcy. Meanwhile OPEC is increasing its market share which means that its influence over the market,'' he said.

    Luft believes for oil prices to stabilize there needs to be creative destruction in the north American oil industry.

    ''The Saudis will try to keep prices low enough for long enough for the industry to collapse. They still have enough money in their pockets to coast through two or three more years of low prices.

    The American oil industry is becoming victim of its own success. The companies are highly leveraged and many are unable to recycle their debts. Those with relatively good balance sheets will probably survive but many others will collapse in 2016. Only then, as inventories dwindle and production slows down we will see upswing in prices - and a rather violent one,'' he said.

    OPEC increased its total oil production by 131,000 barrels per day (bpd) in January even though oversupply has been a major reason for falling oil prices, according to data issued by the cartel.

    Chow, for his part, reminded that the OPEC talks on a coordinated production cut were more successful in the past when the market is beginning to turn to a better balance, not when such a large gap exists between supply and demand.

    ''Non-OPEC supply is declining very slowly and demand growth is weak in spite of low prices. Most observers expect supply and demand to come to better balance by the end of 2016. In the meantime, inventories continue to grow,'' he said.

    He believes oil prices may be stabilizing around $30 in the short term, as price rise from current levels will require time for supply to decline and demand growth to recover.

    The global oil market has been hit since the mid-2014, losing about 70 percent of its value. Oil prices have crashed from above $100 a barrel in July 2014 to under $30. The OPEC has refused to budge on the flooded market, keeping in place a 30 million barrel a day production ceiling.

    OPEC will maintain its market share of around 40 percent, increasing output by 7 million barrels per day (bpd) to 44 million bpd by 2035, according to the recently published BP Energy Outlook.

    ''OPEC is assumed to respond to the stronger growth in tight oil by increasing its own production in order to maintain its market share,'' BP said in a report.
    23
  • Foreign companies intend to invest in Azerbaijan's medical sector
    11.02.2016 16:16
    http://www.today.az/pictures/pic147765.jpg
    http://www.today.az/pictures/pic147765.jpg
    /By Azernews/

    By Amina Nazarli

    Foreign companies have voiced their willingness in investing in the production of medical equipment in Azerbaijan.

    This statement was made by General Director of Turkish-American Medical Centre clinic and Board Member of the Confederation of Entrepreneurs of Azerbaijan Ramiz Aliyev.

    The companies have taken interest in manufacturing medical equipment in the country at different business forums held by the Azerbaijani Fund Export and Investment Promotion AZPROMO and the Economy Ministry, he added.

    ''We met with representatives from Saudi Arabia, Poland and India," Aliyev said. "We have been in the World Hearing Center in Poland, which is desiring to cooperate with us,'' Aliyev said.

    Medical equipment market opens huge opportunities for investors, as the country imports the medical devices from the U.S., Germany, Japan, France, Russia, and Turkey. Reportedly, Russian and Turkish firms provide lower-cost equipment, which has resulted in an increasing popularity of these equipment and supplies in the local market.

    Aliyev believes the cooperation with foreign clinics and companies can be made in different directions.

    ''The cooperation can be implemented both in the purchase of equipment and the establishment of joint enterprises. It is also possible to exchange experiences between staff. Up to 2008, for instance, some of our doctors worked in Saudi Arabia. Arabs again want to invite Azerbaijani doctors and medical staff,'' he noted.

    Today, Azerbaijan with a growing population, constituting more than 9.6 million people,

    makes many efforts, spending millions of manats for the development of its healthcare sector.

    Increasing number of new medical institutions and departments make it necessary to provide them with modern equipment, thatв's why the country is very ''fertile ground'' for global investors in the health sector.Annual international exhibition held in Baku by Iteca Caspian, the organizer of many largest exhibitions in the Caspian region, also attracts many leading manufacturers of medical devices, equipment and medicines, as well as professionals working in the field of aesthetic medicine.

    Recently, Russia and Iran have offered to produce medicines in Azerbaijan.

    Iran, which made great progress in health care, has discussed the possibility of cooperation in production of medicines by establishing an enterprise in Azerbaijan.

    Azerbaijanв's medicine market by 97 percent depends on imported products, and some 57 percent of them come from Europe, 26 percent from the CIS countries, and 12 percent from Russia. The small proportion is produced in Asian countries.
    8
  • Azerbaijan backs all religious communities regardless of belief
    11.02.2016 16:16
    http://www.today.az/pictures/pic147764.jpg
    http://www.today.az/pictures/pic147764.jpg
    /By Azernews/

    By Amina Nazarli

    Azerbaijan supports all communities in the country, regardless of their religious belief, stressed Sheikh-ul-Islam Allahshukur Pashazade, Chairman of the Caucasian Muslims Office.

    Pashazade, addressing the International Winter School of multiculturalism "Multiculturalism as a way of life in Azerbaijan: teach, explore, share" on February 10, said the world faces a lot of confrontations now, while Azerbaijan has never experienced intolerance at confessional level.

    ''Azerbaijan is a home to both Sunnis and Shias. The country is a place where representatives of other religions also enjoy freedom.

    ''You have come from different countries to see how these people live in Azerbaijan. In our country, tolerance, inter-religious and inter-cultural dialogues are at a high level,'' he said.

    Reminding that Azerbaijan declared 2016 the Year of Multiculturalism, he said that it is wrong to assume that Azerbaijan had not been multicultural country before.

    "We always feel the support of the state. We have restored and built temples including mosques, churches and synagogues. The world community needs to know the truth about Azerbaijan. We look forward to you - young people - you can be our mouthpiece," Pashazade concluded.

    The event was also attended by heads of the confessions in Azerbaijan, including Orthodox Community's Head Archbishop Alexander Ischein, Head of Mountain Jews Religious Community MilikhYevdayev, Coordinator of the Catholic Community Vladimir Fekete and Chairman of the Albanian-Udin Christian community, Robert Mobili.

    Alexander Ischein, in turn, emphasized that good inter-religious relations in Azerbaijan are a result of the state policy.

    Reminding that Azerbaijan is a multinational state, the Archbishop said about 98 percent of the Azerbaijani population is Muslim, and the country has never had any problems and religious conflicts.

    Organized jointly by the Baku International Center of Multiculturalism, Knowledge Foundation under the Azerbaijani President and the Baku Slavic University, the International Winter School of multiculturalism will last until February 15 and will be held in Guba, Khachmaz and Gusar regions.

    The winter school is attended by 55 students and some 43 of them are from Russia, Switzerland, Ukraine, Turkey, Italy, Portugal, Poland, the Czech Republic, Lithuania and Germany.

    From time immemorial Azerbaijan, a country at crossroads of numerous cultures, religions and civilizations, was known as a bridge between Europe and Asia.

    Here in Azerbaijan, the representatives of all religions and nationalities live as a family, in an atmosphere of peace, friendship, tranquility and mutual understanding. This is Azerbaijan's great heritage, a great advantage.

    Today, the country is a model for many countries in the world for peaceful coexistence of members of different nations and religions.

    The International Centre for Multiculturalism was established in Baku in 2014, as a concrete effort to promote the values of multiculturalism. Moreover, earlier in 2008, Azerbaijan launched the so-called ''Baku process,'' a dialogue between culture ministers, individuals and groups with different cultural and religious backgrounds, promoted as an ''antidote to violence.''
    8
  • Turkey seeks no mediation to normalize relations with Russia (exclusive)
    11.02.2016 16:15
    http://cdn.trend.az/pictures/2013/01/11/bakanlar_kurulu_110113.jpg
    http://cdn.trend.az/pictures/2013/01/11/bakanlar_kurulu_110113.jpg
    Baku, Azerbaijan, Feb. 11

    By Rufiz Hafizoglu - Trend:

    Turkey hasn't appealed to any country with a request to mediate in the settlement of relations between Ankara and Moscow, a source in Turkish Cabinet of Ministers told Trend Feb. 11.

    Diplomatic relations between Russia and Turkey soured after a Russian Su-24 was shot down by the Turkish Air Forces Nov. 24, 2015. Turkey said the warplane violated its airspace, while Russia dismissed the claims.

    Following the incident, Russian President Vladimir Putin signed a decree on measures to ensure national security and economic measures against Turkey.

    According to the source, the reports saying that the Turkish prime minister allegedly went on a tour for the heads of some countries to act as mediators for normalizing relations between Ankara and Moscow are untrue.

    Earlier, some media outlets reported that Prime Minister of Turkey Ahmet Davutoglu was allegedly visiting a number of countries to find an intermediary for normalization of relations between Ankara and Moscow.

    "Turkey hasn't closed diplomatic channels for a dialogue with Russia," the source explained.

    ---

    Follow the author on Twitter: @rhafizoglu

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    8
  • Azerbaijan, Russia agree on cargo transportation tariffs
    11.02.2016 16:15
    http://cdn.trend.az/pictures/2016/02/11/railway_gorush_110216.jpg
    http://cdn.trend.az/pictures/2016/02/11/railway_gorush_110216.jpg
    Baku, Azerbaijan, Feb. 11

    Trend:

    Azerbaijan Railways CJSC and Russian Railways JSC reached an agreement on setting the competitive tariffs for cargo transportation, Nadir Azmammadov, spokesman for Azerbaijan Railways, told Trend Feb. 11.

    Story still developing

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    8
  • Kazakh currency weakens in 2015
    11.02.2016 16:15
    http://cdn.trend.az/pictures/2014/02/11/kazakh_money_110214.jpg
    http://cdn.trend.az/pictures/2014/02/11/kazakh_money_110214.jpg
    Baku, Azerbaijan, Feb. 11

    By Elena Kosolapova - Trend:

    The real value of Kazakhstan's national currency, tenge, weakened by 29.9 percent during 2015 and by 25.6 percent from 2014 to 2015, the National Bank of Kazakhstan has said.

    The tenge's real value weakened against the US dollar by 36.5 percent during 2015 and by 42.6 percent from 2014 to 2015.

    The Kazakh currency also weakened against the euro in real value terms by 27.7 percent during 2015 and by 26.7 percent from 2014 to 2015.

    The tenge also weakened against the Chinese yuan by 34.4 percent during 2015 and 40 percent from 2014 to 2015.

    ---

    Follow the author on Twitter: @E_Kosolapova

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    9
  • BP forecasts global gas production growth in long-term
    11.02.2016 16:13
    http://cdn.trend.az/pictures/2015/08/23/oil_230815.jpg
    http://cdn.trend.az/pictures/2015/08/23/oil_230815.jpg
    Baku, Azerbaijan, Feb. 11

    By Aygun Badalova - Trend:

    The world total gas consumption will increase in the long-term perspective reaching 3.52 billion tons of oil equivalent in 2020, 3.874 billion in 2025, 4.135 billion in 2030 and 4.428 billion in 2035, according to the forecasts, published in BP Energy Outlook.

    "Demand for natural gas grows by 1.8 percent per annual, making it the fastest growing fossil fuel," BP said in the report.

    The majority of the increase in demand comes is expected to come from emerging economies, with China and India together accounting for around 30 percent of the increase and the Middle East over 20 percent.

    In particular, gas consumption in the Middle East is forecasted by BP to increase to 700 million tons of oil equivalent in 2035 compared to 537.5 million tons of oil equivalent in 2020.

    Gas consumption in Europe and Eurasia is also projected to rise to 1.058 billion tons of oil equivalent in 2035 compared to 976 million tons of oil equivalent in 2020.

    European gas demand fell 11.2 percent on the year in 2014 to 409 billion cubic meters, according to industry association Eurogas.

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    9
  • Turkmenistan studying possibilities of joining WTO
    11.02.2016 16:13
    http://cdn.trend.az/pictures/2012/05/30/WTO_logo_Album_300512.jpg
    http://cdn.trend.az/pictures/2012/05/30/WTO_logo_Album_300512.jpg
    Ashgabat, Turkmenistan, Feb. 11

    By Huseyn Hasanov- Trend:

    Deputy prime minister, minister of foreign affairs of Turkmenistan Rashid Meredow during his working visit to Geneva has held a series of meetings with heads of international organizations, including director general of the World Trade Organization (WTO) Roberto Azevedo, said the message of the Turkmen government Feb. 11.

    During these meetings "special attention was paid to implementation of initiatives of President of Turkmenistan Gurbanguly Berdymuhamedov aimed at strengthening global energy security, environmental protection, development of international transport infrastructure, regional trade, as well as addressing water problems."

    The EU proposed Turkmenistan to join WTO in January 2011. It is expected that this will increase Turkmenistan's share in regional and global trade and have a positive impact on economic development, which is necessary for long-term prosperity and well-being of the country.

    The EU leadership said that the EU is ready to support Turkmenistan's joining the WTO, as it optimizes attracting foreign capital and facilitates creating new jobs.

    Fuel-energy complex, high-technological industrial spheres, transport, communications, banking and financial sector are among the promising areas of cooperation between Turkmenistan and the EU.

    At present, Ashgabat is negotiating with the EU and Azerbaijan on the Trans-Caspian gas pipeline construction project.

    Brussels hopes to diversify the sources of gas consumption through Caspian resources, most of which is ensured by Russia.

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    7
  • BP forecasting LNGв's role rise in global market
    11.02.2016 15:22
    http://cdn.trend.az/pictures/2015/03/13/bp_logo_160810_main.jpg
    http://cdn.trend.az/pictures/2015/03/13/bp_logo_160810_main.jpg
    Baku, Azerbaijan, Feb. 11

    By Elena Kosolapova - Trend:

    The role of liquefied natural gas (LNG) in the global gas market will grow, according to the BP Energy Outlook 2016.

    "LNG sale will grow two times faster than global consumption. LNG's share in global demand will rise from 10 percent in 2014 to 15 percent - in 2035," said the company. "By 2035, LNG import will prevail over gas imports through pipelines."

    Global LNG supply will grow more than 40 percent due to the completion of implementation of several projects in the next five years, according to company.

    "The US is likely to become a net exporter of gas at the end of this decade, while the dependence of Europe and China on imports of natural gas will increase even more," according to company.

    ---

    Follow the author on Twitter: @E_Kosolapova

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    22
  • Ashgabat, Kabul mull over joint energy, transport projects
    11.02.2016 15:21
    http://cdn.trend.az/pictures/2015/03/12/trend_ashgabad_260610.jpg
    http://cdn.trend.az/pictures/2015/03/12/trend_ashgabad_260610.jpg
    Ashgabat, Turkmenistan, Feb. 11

    By Huseyn Hasanov- Trend:

    Turkmen President Gurbanguly Berdimuhammadov discussed the implementation of joint projects with Afghanistan on energy and transport spheres with the country's Extraordinary and Plenipotentiary Ambassador to Turkmenistan Mohammad Fazil Saifi.

    In particular, the sides discussed the TAPI (Turkmenistan-Afghanistan-Pakistan-India) gas pipeline project, Turkmen government said Feb. 11.

    Implemented at the initiative of the Turkmen side large-scale projects in the energy and transport sectors of regional significance became an important step towards strengthening the foundations of civilian life in Afghanistan, said the government.

    First of all, the construction of Asia's largest TAPI gas pipeline and laying of the railway Turkmenistan-Afghanistan-Tajikistan (TAT), which are intended to be a symbol of mutually beneficial cooperation, were emphasized.

    Berdimuhammadov noted that a special attention is given to the multifaceted Afghan-Turkmen cooperation, and emphasized that Turkmenistan will always support the inter-Afghan conflict's peaceful settlement.

    Turkmenistan supplies electricity to Afghanistan on preferential terms, regularly sends humanitarian aid to the country, and builds social objects.

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    7
  • Researchers offered new method for rapid detection of infection in wounds
    11.02.2016 15:02
    http://ictnews.az/uploads/vrewfer_300.jpg
    http://ictnews.az/uploads/vrewfer_300.jpg
    A new method for detecting infection in wounds could take physicians less than one minute to complete rather than the current 24 hours it takes to "plate" bacteria and leave them to incubate overnight, according to research from George Washington University's School of Medicine amp; Health Sciences. The report was published in Wound Repair and Regeneration.

    Victoria Shanmugam, MD, and her colleagues tested an inexpensive, disposable electrochemical sensor that immediately reveals the presence of bacteria in chronic wounds based on the detection of pyocyanin, a bacterial quorum-sensing molecule produced by Pseudomonas bacteria. The probe correctly identified the presence of bacteria 71% of the time and the absence of bacteria 57% of the time.

    "Being able to detect Pseudomonas and other infectious organisms at the time of the clinic visit will greatly enhance our ability to take care of patients," Shanmugam said. "We would not have to wait for culture results before making a decision about antibiotics, and this would allow us to better tailor therapies for our patients."

    After further enhancement and testing, probes harnessing this method could potentially provide a way for physicians to detect wound infections at bedside, allowing physicians to switch from broad-spectrum antibiotics to specific directed therapies sooner, thereby lowering health care costs, minimizing drug resistance, and improving patient care outcomes, according to Shanmugam.

    "Infections are a major challenge in medicine, and by using this probe, we were able to harness one of the unique molecules produced by bacteria to detect infection," she said. "We plan to continue to refine this testing method and hope to scale it up for detection of other bacteria and to optimize it for clinical use."
    13
  • OPEC oil price reaches $25.93 a barrel
    11.02.2016 14:53
    http://cdn.trend.az/pictures/2015/01/25/oil_prices_250115.jpg
    http://cdn.trend.az/pictures/2015/01/25/oil_prices_250115.jpg
    Baku, Azerbaijan, Feb. 11

    By Maksim Tsurkov - Trend:

    OPEC daily basket price reached $25.93 per barrel on Feb.10, or $2.4 less than Feb. 9, according to the organization.

    The OPEC Reference Basket (ORB) is made up of the following oil brands: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

    The price of Brent Dated oil, produced from the North Sea, was $29.49 per barrel on Feb. 10, or $0.78 less than the previous price.

    ---

    Follow the author on Twitter: @MaksimTsurkov

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    13
  • SOCAR signs another contract within refinery modernization
    11.02.2016 14:52
    http://cdn.trend.az/pictures/2014/09/20/socar_logo_new_200914.jpg
    http://cdn.trend.az/pictures/2014/09/20/socar_logo_new_200914.jpg
    Baku, Azerbaijan, Feb. 11

    Trend:

    SOCAR (the State Oil Company of the Republic of Azerbaijan) and Italian KT-Kinetics Technology S.p.A signed a contract on licensing the construction of a sulfur production facility as part of the modernization of the Heydar Aliyev Baku Oil Refinery, SOCAR's statement posted on its website said Feb. 11.

    Story still developing

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    10
  • US Republicans asked Iran to delay prisoner swap until 2016 election
    11.02.2016 14:44
    http://cdn.trend.az/pictures/2009/06/25/USA_Iran_250609.jpg
    http://cdn.trend.az/pictures/2009/06/25/USA_Iran_250609.jpg
    Baku, Azerbaijan, Feb. 11

    By Umid Niayesh - Trend:

    The US Republicans asked Iran to delay the recent prisoner exchange until the upcoming presidential elections in the US, an Iranian official has claimed.

    "The current American administration's Republican rivals, who claim to advocate human rights, sent a message to Iranian officials, asking to delay the release of US prisoners until the 2016 presidential election," semi-official Tasnim news agency quoted Ali Shamkhani, secretary of Iran's Supreme National Security Council, as saying Feb. 11.

    He further said Iran acted upon its independent will in the process of the prisoner swap.

    Last month Iran freed four Americans of Iranian descent from prison, including Washington Post journalist Jason Rezaian, in a delicately negotiated swap with the US, which released seven Iranians who had been held on sanctions violations.

    Shamkhani further said that Iran's decision to release the US prisoners was based on humanitarian approach, their families' requests, to secure the release of Iranian citizens detained in the US, and in line with the Islamic Republic's interests.

    Stay up to date with latest Iran news on our specialized Facebook page

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    12
  • Azerbaijan fundamentally modern, secular country oriented towards West
    11.02.2016 14:41
    http://cdn.trend.az/pictures/2016/02/11/dirk_schuebel_110216.jpg
    http://cdn.trend.az/pictures/2016/02/11/dirk_schuebel_110216.jpg
    Baku, Azerbaijan, Feb. 11

    By Elmira Tariverdiyeva - Trend:

    The EU has recently re-vamped its Eastern Partnership policy, taking into account the individual features of partner-countries, Dirk Schuebel, Head of Division for bilateral relations with the Eastern Partnership countries of the European External Action Service, said, EuroActive reported Feb. 11.

    Schuebel was speaking at a conference organised by the EPC, the European Policy Centre.

    "EU still tries to find a magic formula on the Nagorno-Karabakh conflict," Schuebel said.

    Schuebel spoke in reply to comments by Svante Cornell, Director of the Central Asia-Caucasus Institute amp; Silk Road Studies Programme of the John Hopkins University, who criticised the Commission's and the West's dealings with Azerbaijan and the Nagorno-Karabakh conflict.

    Cornell argued that since the development of the Azerbaijani nation in the late 19th century, Azerbaijan had constantly made the choice of being part of what could be called the modern world.

    "Importantly, this is a vision shared by the country's leaders, and by the overwhelming majority of the country's society," he said.

    "Today, Azerbaijan was a fundamentally modern, secular country that is oriented towards the West, though it was unsure at what speed it wants to adopt all principles of the Western states, and was "increasingly suspicious of Western double standards"," he said.

    Cornell pointed out that modern Azerbaijan was born after 1991, out of the trauma of the Armenian occupation of 20 percent of the country's territory and the ethnic cleansing.

    Cornell said that the country recovered from this defeat and began to build a functioning state.

    Another factor in Cornell's words was the West's decision to put Nagorno-Karabakh on the backburner and seek instead a normalisation of Turkey-Armenia relations.

    "That inevitably undermined the prospects for a solution of this conflict, because if the main cost incurred by Armenia for its occupation of Azerbaijan territory, which is the closure of the border with Turkey, if that was lifted, what would be the Armenian interest in resolving the conflict," Cornell said.

    "After the events in Georgia in 2008, the West practically reneged on its role in maintenance of sovereignty, security and conflict resolution, which are the most important issues for the government of Azerbaijan," Cornell said.

    He further argued that Western rhetoric vis-agrave;-vis Azerbaijan came to be entirely dominated by the issues of human rights and democracy.

    "But I notice that the Washington Post has published nine editorials on the human rights situation in Azerbaijan in the past two years," he said. "I haven't seen that about Saudi Arabia, about Vietnam, about Turkmenistan, about many other countries Azerbaijan looks pretty good in comparison to."

    "The more we focus only on human rights, the less we will achieve," he said.

    "Azerbaijan is important for the EU in the context of fight against anti-radicalisation and counter-terrorism," Schuebel said.

    Schuebel acknowledged that the efforts to get closer were not just done on the EU side.

    "It was Azerbaijan who came forward with a proposal for a new Strategic Agreement, at the 2015 Riga summit," he said.

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    12
  • N. Korea's military chief executed on corruption charges: Yonhap
    11.02.2016 14:15
    http://www.today.az/pictures/pic147760.jpg
    http://www.today.az/pictures/pic147760.jpg
    The chief of North Korea's military was executed this month on corruption and other charges, sources familiar with North Korean affairs said, according to Yonhap news agency.

    Army Gen. Ri Yong-gil, chief of the General Staff of the Korean People's Army, also faced charges of pursuing personal gains, the sources said.

    According to one source, Ri was executed last week around the time North Korean leader Kim Jong-un presided over a joint meeting of the North's ruling Workers' Party and the military.

    Ri, who was appointed to the post in 2013, had won Kim's favor and accompanied him on various inspection trips to military exercises and the Ministry of the People's Armed Forces, the equivalent of the South's Defense Ministry, until last month.

    /By Azertac/
    15
  • London hosts Azerbaijan-UK working groupв's meeting
    11.02.2016 14:14
    http://cdn.trend.az/pictures/2015/05/04/trend_london_110511_1.jpg
    http://cdn.trend.az/pictures/2015/05/04/trend_london_110511_1.jpg
    Baku, Azerbaijan, Feb. 11

    By Anvar Mammadov - Trend:

    The first meeting of the Azerbaijan-UK intergovernmental commission for economic cooperation and a meeting of the working group on oil and gas kick off in London Feb. 11, the Azerbaijani ministry of economy said Feb. 11.

    Azerbaijan's delegation for the meeting is comprised of officials and businessmen. It is headed by Shahin Mustafayev, Azerbaijani economy minister, who co-chairs the intergovernmental commission.

    Francis Maude, minister of state for trade and investment, is the co-chair of the commission from the UK's side.

    The meetings of the working groups on trade and investments, finance and specialized services operating as part of the intergovernmental commission and a forum dedicated to the education have been recently held.

    Economic ties between the UK and Azerbaijan and prospects for their expansion were discussed during the meeting.

    Trade turnover between Azerbaijan and the UK stood at $564 million in 2015, according to the Azerbaijani State Customs Committee.

    Some $553.33 million of this figure accounted for import of UK products.

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    10
  • Armenians violated ceasefire with Azerbaijan 125 times throughout the day
    11.02.2016 13:35
    http://www.today.az/pictures/pic147756.jpg
    http://www.today.az/pictures/pic147756.jpg
    The situation on the contact line between Azerbaijan and Armenia has remained tense as the Armenian Armed Forces shattered ceasefire a total of 125 times throughout the day, Azerbaijan`s Defense Ministry said.

    The ceasefire was violated in Talish, Gulustan villages in Goranboy region, Goyarkh, Chilaburt, Chayli, Yarimja villages in Tartar region, Shikhlar, Bash Garvand, Novruzlu, Javahirli, Kangarli, Sarijali, Shuraabad, Marzali, Garagashli, Yusifjanli, Namirli villages in Aghdam region, Kuropatkino village in Khojavand region, Horadiz, Garakhanbayli, Gorgan, Ashagi Seyidahmadli villages in Fuzuli region, Mehdili village of Jabrayil region, as well as nameless hills in Goygol, Goranboy, Khojavand, Fuzuli and Jabrayil regions.

    In view of the operational situation, Azerbaijani armed forces carried out 126 strikes on enemy positions.

    /By Azertac/
    20
  • Global liquids demand to rise in long-term - BP forecast
    11.02.2016 13:32
    http://cdn.trend.az/pictures/2015/03/13/bp_logo_160810_main.jpg
    http://cdn.trend.az/pictures/2015/03/13/bp_logo_160810_main.jpg
    aku, Azerbaijan, Feb. 11

    By Aygun Badalova - Trend:

    Global liquids demand (oil, biofuels, and other liquids) will increase by around 20 million barrels per day to 112 million barrels per day by 2035, according to the forecasts, published in BP Energy Outlook.

    All of this increased demand comes from emerging economies, with China and India accounting for over half of the increase. In contrast, oil consumption in OECD (Organisation for Economic Co-operation and Development) will decline by 5 million barrels per dat, BP said.

    BP expects the demand for natural gas to grow by 1.8 percent per annual, making it the fastest growing fossil fuel. BP expects oil to grow steadily - by 0.9 percent per annual during the forecasted period.

    Global liquids supply will expand by by nearly 19 million barrels per day by 2035, led by growth in non-OPEC supply, according to BP's forecasts.

    Non-OPEC supply is forecasted to grow by 11 million barrels. All of the net increase in non-OPEC supply is expected to come from US shale, Brazilian deepwater and Canadian oil sands.

    China's demand for energy is expected to grow by less than two percent per annual over the projected period, far slower than eight percent per annual seen since 2000.

    "Part of this reduction is driven by slower economic growth: annual GDP growth is projected to average close to 5 percent over 2014-35, around half the average pace of growth since 2000," BP said.

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    11
  • Rouhani addresses Iranian revolution anniversary ceremony
    11.02.2016 13:22
    http://cdn.trend.az/pictures/2013/08/06/hassan_rouhani_060813_1.jpg
    http://cdn.trend.az/pictures/2013/08/06/hassan_rouhani_060813_1.jpg
    Baku, Azerbaijan, Feb. 11

    By Khalid Kazimov - Trend:

    Iranian President Hassan Rouhani has addressed people in a televised speech on the occasion of the 37th anniversary of the 1979 Islamic Revolution.

    Rouhani said that with the implementation of the Joint Comprehensive Plan of Action (JCPOA/nuclear deal) Iran managed to eliminate the lsquo;Iranophobia' project and the world now understands that Iranians are a peaceful and rational nation, IRINN TV reported Feb. 11.

    He also called for achieving progress in the country and said the global powers had understood that the Iranian system is not a temporary government.

    Speaking about the recent trips of the presidents of Russia and China to Tehran, Rouhani underlined that significant agreements were signed during those visits.

    Rouhani also touched upon his own trip to Europe and said that important contracts were signed during the visit.

    Story still developing

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    10
  • Azerbaijani president congratulates his Iranian counterpart
    11.02.2016 13:21
    http://cdn.trend.az/pictures/2013/10/10/prezident_sechkilar_xalqa_muraciat_091013_1.jpg
    http://cdn.trend.az/pictures/2013/10/10/prezident_sechkilar_xalqa_muraciat_091013_1.jpg
    Baku, Azerbaijan, Feb. 11

    Trend:

    Azerbaijani President Ilham Aliyev congratulated Iranian counterpart Hassan Rouhani on the national holiday Feb. 10.

    "On behalf of the people of Azerbaijan and on my own behalf, I cordially congratulate you and the people of your country on the occasion of the national holiday of the Islamic Republic of Iran - Victory of the Islamic Revolution," the congratulatory message said.

    President Aliyev wrote that he is confident that based on mutual confidence and support, intergovernmental relations will further grow and expand on bilateral, regional and international levels in accordance with the will of two countries' nations who have historically lived in an atmosphere of friendship and good neighborliness.

    "On this remarkable day, I wish you robust health, success in your activities, and the friendly and fraternal people of Iran peace and prosperity," the president's message said.

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    10
  • Azerbaijani gas supply to contribute to Europeв's energy security
    11.02.2016 12:42
    http://cdn.trend.az/pictures/2014/08/16/no_image_found.jpg
    http://cdn.trend.az/pictures/2014/08/16/no_image_found.jpg
    Baku, Azerbaijan, Feb. 11

    By Elena Kosolapova - Trend:

    Supply of Azerbaijani gas will contribute to Europe's energy security, Ambassador of Azerbaijan to the US Elin Suleymanov said.

    He made the remarks during the Atlantic Council's discussion of "Developing a Western Energy Strategy for the Black Sea Region and Beyond".

    "I would say that, first of all, the issue of European markets, it's not - it's not the amount of supply," he said. "It's not the volume of gas which is available. It matters not how much gas you get, it matters the security and the uninterruptible supply of gas. I mean, that's the most important issue. Security of supply is perhaps more important than the volume set."

    Diversity of gas supply means definitely its security, according to Suleymanov.

    In these terms, of course, the Southern Gas Corridor is the underpinning and main project at this moment, and there is a need for interconnectors in the Balkan region and the Black Sea region, which are very important to be built to expand the infrastructure, he said.

    The Southern Gas Corridor is one of the priority energy projects for the EU. At the initial stage, the gas to be produced as part of the Stage 2 of development of Azerbaijan's Shah Deniz field is considered as the main source for the Southern Gas Corridor projects. Other sources can also connect to this project at a later stage.

    As part of the Stage 2 of the Shah Deniz development, the gas will be exported to Turkey and European markets by expanding the South Caucasus Pipeline and the construction of Trans-Anatolian Natural Gas Pipeline and Trans-Adriatic Pipeline.

    "And we know we're not going to replace the Russian gas, but to understand that the more supply - the more secure supply, the more diverse of the European supplies would basically mean good things for all us, including Gazprom, who is also competing on the market, of course," Azerbaijani ambassador said.

    "The other thing is that the Azerbaijani approach has never been anti-Gazprom or in an effort to replace the Russian gas," Suleymanov said. "Azerbaijani approach to European energy security and diversity is not anti-somebody, it is actually pro-European - pro-European energy security."

    ---

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    21
  • Iranians find a way to avoid "morality police"
    11.02.2016 12:42
    http://cdn.trend.az/pictures/2016/02/10/gershad_100216.jpg
    http://cdn.trend.az/pictures/2016/02/10/gershad_100216.jpg
    Baku, Azerbaijan, Feb. 10

    By Khalid Kazimov - Trend:

    A group of brainy Iranian tech geeks have developed a mobile app to help fashionable Iranians, particularly girls and women, avoid running into trouble with the Islamic Republic's morality police ("Ershad").

    Since the foundation of the Islamic Republic in a bid to promote the Islamic values the country's law enforcement forces have actively tackled those who refuse to observe the Islamic dress code accepted by authorities. Over the past several years in a bid to intensify the move, Iranian rulers decided to deploy "Ershad" mobile checkpoints across the country including public entertainment venues and exhibition centers.

    The Ershad patrol teams comprising of a van vehicle and several policemen and women officers are tasked with issuing warnings and arresting those who fail to observe the country's dress code. This usually ends with making a written statement at a police station pledging to never repeat the dress code violation and sometimes fines, but the offenders maybe prosecuted as well.

    The non-commercial "Gershad" Android app allows ordinary citizens to stay alert and see the locations of the "Ershad" checkpoints.

    The app is user-driven - it shows an Ershad checkpoint only if a sufficient amount of users identify the same map location, thus reducing the risk of getting the wrong location.

    The alert on the map will gradually fade out when users decrease the number of the submitted data for a particular location.

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    12
  • OPEC to maintain its 40-percent market share in long-term - BP
    11.02.2016 12:41
    http://cdn.trend.az/pictures/2012/06/05/OPEC_albom_050612.jpg
    http://cdn.trend.az/pictures/2012/06/05/OPEC_albom_050612.jpg
    Baku, Azerbaijan, Feb.11

    By Aygun Badalova - Trend:

    OPEC will maintain its market share of around 40 percent, increasing output by 7 million barrels per day (bpd) to 44 million bpd by 2035, according to BP Energy Outlook.

    "OPEC is assumed to respond to the stronger growth in tight oil by increasing its own production in order to maintain its market share," BP said in a report.

    In its recent summit on December 4, the OPEC failed to put a new ceiling to its output. The official quota for OPEC oil production is set at 30 million barrels per day.

    According to OPEC's monthly report, released on Feb.10, cartel's 13 members produced 32.335 million bpd in January, about 130,700 bpd more than December 2015.

    Crude oil output increased mostly from Nigeria, Iraq, Saudi Arabia and Iran, while production showed a decrease of from Angola, Venezuela and Algeria, the report said.

    Demand for OPEC crude in 2015 is estimated to average 29.8 million bpd, representing an increase of 0.1 million bpd over the previous year and lower by 0.1 million bpd compared to the previous report.

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    11
  • LG and Samsung have stopped the release of 3D-TV
    11.02.2016 12:20
    http://ictnews.az/uploads/samsung_lg_300.jpg
    http://ictnews.az/uploads/samsung_lg_300.jpg
    The world's leading TV manufacturers LG and Samsung are planning to stop issuing TVs 3D-format that. Testimonies about this turn of events the facts leads the South Korean publication ET News.

    Thus, the LG company intends to cut in half the production of TVs with support 3D-technologies.

    According to the company, in 2015 only 40% of produced TVs are equipped with 3D-function. In 2016 there will be over 20%, although production does not stop. Support 3D remains mainly in the premium segment products, designed to narrow consumer audience.

    Another leader in the supply of television sets, the Samsung company, direct their plans would not comment.

    It is unclear how widespread 3D support will be integrated into the product range in 2016. But in a sharp reduction in orders to suppliers in an active-shutter 3D-glasses are compatible with most models of the Samsung, the publication concludes that she was disappointed in of 3D-technology.

    ET News believes that it is time to other, no less realistic technologies that attract the viewers more - 4K, HDR and Ultra HD Blu-Ray. Markedly decreased consumer interest in 3D-content. A lot of this has contributed to an active development direction of virtual reality.
    17
  • Convicts in Iran receive precious gift from Supreme Leader
    11.02.2016 12:04
    http://cdn.trend.az/pictures/2013/06/06/ayatollah_ali_khameneie_060613.jpg
    http://cdn.trend.az/pictures/2013/06/06/ayatollah_ali_khameneie_060613.jpg
    Baku, Azerbaijan, Feb. 11

    By Khalid Kazimov - Trend:

    Iranian Supreme Leader Ayatollah Seyed Ali Khamenei has pardoned 1059 convicts on the occasion of the 37th anniversary of the Islamic Republic.

    At the request of the head of Iran's judiciary Sadiq Amoli Larijani, Khamenei agreed to declare an amnesty to pardon or reduce the sentences of 1059 convicts who were pronounced guilty in various Iranian courts including military, civil and revolutionary ones, ILNA news agency reported.

    According to the country's Constitution the supreme leader has the right to pardon or reduce the sentences of convicts upon the recommendation of the judiciary chief.

    On Feb. 11, the Islamic Republic celebrates the anniversary of the Islamic Revolution of 1979 when the revolution leader Ayatollah Khomeini returned to Iran after almost 15 years of exile and took the control of the country after toppling the Pahlavi monarchy.

    Each year on Feb. 11, a large number of Iranians take to streets carrying banners and images of the late founder of the Islamic Republic, Ayatollah Ruhollah Khomeini, as well as Supreme Leader Ayatollah Seyed Ali Khamenei, to re-affirm their allegiance to the Islamic Revolution.

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    14
  • BP delivers 3.3 bcm of associated gas to Azerbaijan in 2015
    11.02.2016 12:03
    http://cdn.trend.az/pictures/2014/09/08/oil_rig_080914.jpg
    http://cdn.trend.az/pictures/2014/09/08/oil_rig_080914.jpg
    Baku, Azerbaijan, Feb.11

    By Aygun Badalova - Trend:

    BP delivered 3.3 billion cubic meters of associated gas to SOCAR from the Azeri-Chirag-Guneshli (ACG) block of oil and gas fields in Azerbaijan, according to BP's Regional President for Azerbaijan, Georgia and Turkey, Gordon Birrell.

    "In 2015, the ACG delivered an average of around 9 million cubic meters ACG associated gas per day to SOCAR," Birrell said in an interview to Natural gas Europe.

    "The remainder of the associated gas produced was re-injected for reservoir pressure maintenance," he said adding that there are currently six gas injection wells at ACG supporting oil production.

    "In our operations, oil production output is a result of many factors including gas injection rate and therefore it is necessary to maintain the high rates of gas injection," Birrell said.

    For this purpose, BP recently upgraded its gas injection compressor engines on the Central Azeri platform using a new engine design, which has allowed to inject gas at higher rates.

    "This upgrade returned immediate production benefits and now we're seeing long-term value as we work to stem the decline of reservoir pressure. So, it is absolutely necessary to continue to re-inject gas into ACG reservoir at high rates," Birrell said.

    The contract for the Azeri-Chirag-Guneshli development was signed in 1994. The proven oil reserve at the block is nearly 1 billion tons.

    Shares in the contract are as follow: BP (operator) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - eight percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.

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    9
  • Financial market supervisory body to be self-financing
    11.02.2016 11:36
    http://www.today.az/pictures/pic147746.jpg
    http://www.today.az/pictures/pic147746.jpg
    /By Azernews/

    By Aynur Karimova

    The newly-established public legal entity - the financial market supervisory body - will operate based on the principle of self-financing.

    This was stated by Shahin Aliyev, the Head of Department of Legislation and Legal Expertise of the Azerbaijani President's Administration, on February 9.

    He told Azertag state news agency work on the draft charter of the body is underway.

    "This supervisory body is absolutely independent and does not depend on budget financing," he said.

    According to the presidential decree, the draft charter of the body will be developed within a month

    Azerbaijan has replaced the individual supervisory authorities in the financial sector with a single regulator to simplify procedures and enhance control. On February 3, President Ilham Aliyev signed a decree on the establishment of a public legal entity - the financial market supervisory body - in Azerbaijan.

    This body,which will be the heir of the entire property of the the State Committee for Securities, the State Insurance Supervision Service under the Finance Ministry, and the Financial Monitoring Service under the CBA, and handle all their functions, is expected to facilitate the CBA's work.

    The mentioned structures will be liquidated on the date the financial market supervisory bodyв's Charter enacts.

    Touching upon the possibility of coincidence of functions of the newly-established body and the Central Bank of Azerbaijan, Aliyev said all functions will be divided.

    He also did not exclude the possibility of establishing a similar public legal entity in other sectors, including in the education field.

    "The charters of schools and universities are being reviewed," he noted. "Public legal entity can provide both paid and free services. As I said, they can be financed and not financed from the state budget. This model can meet the requirements of state administration, it is a very flexible and elastic model which is able to empower the state even more."

    Aliyev said Azerbaijan will make amendments to the relevant laws in this regard.

    "The head of state has instructed the Cabinet of Ministers to submit proposals on bringing the existing legislation into conformity with the signed documents," he said. "We have based upon the best practices of the Western countries in the development of these documents."

    The supervisory body was established within the framework of ongoing structural reforms to improve the business environment, promote transparency and increase efficiency of public administration.

    This body will cover all aspects of regulation of financial and banking activities based on the best international principles.

    It will be in charge of licensing, regulating and controlling activities of securities market, investment funds, insurance and credit institutions (banks, non-bank credit institutions, postal operator) and payment systems.

    The financial market supervisory body will help to improve the control system to counteract legalization of money or other property received by criminal way and financing terrorism, as well as ensuring transparency and flexibility of the control system in these areas.

    To ensure transparency the body will be managed in accordance with the principles of collegial governance, and the principles of operational and financial independence will be taken as a basis.

    The charter, the structure and composition of the Board of the body will be determined within a month, according to the presidential decree.

    The establishment of a financial market supervisory body in Azerbaijan will improve the management and regulation mechanisms of the financial market of the country, and open new opportunities for pursuing a unified policy and regulatory standards on the financial market.
    19
  • Azerbaijan keen to expand relations with Latin American countries
    11.02.2016 11:36
    http://www.today.az/pictures/pic147747.jpg
    http://www.today.az/pictures/pic147747.jpg
    Azerbaijani Minister of Foreign Affairs Elmar Mammadyarov has expressed his country`s keenness to expand relations with Latin American countries as he met with incoming Colombian Ambassador Marta Ines Galindo Pena. He stressed the importance of the Embassy`s role in this regard.

    The Ambassador said she would spare no efforts to contribute to the expansion of relations between the two countries in a variety of areas, including political, economic and humanitarian ones.

    They also noted the importance of holding political consultations between the two countries and continuing Spanish language courses organized by Colombia in Baku.

    /By Azertac/
    9
  • Nebraska becomes the 18th U.S. State to condemn the Khojaly Massacre
    11.02.2016 11:35
    http://www.today.az/pictures/pic147749.jpg
    http://www.today.az/pictures/pic147749.jpg
    The Governor of the U.S. State of Nebraska Pete Ricketts signed a proclamation condemning the Khojaly Massacre, which was committed by Armeniaв's armed forces against the Azerbaijani civilians in 1992. With the document, Governor Ricketts proclaims February 26, 2016 as the ''Khojaly Remembrance Day'' in the State of Nebraska and urges all citizens ''to take due note of the observance.''

    The proclamation, which has been received by the Consulate General of Azerbaijan in Los Angeles, says: ''On February 25-26, 1992, the population of the town of Khojaly in Azerbaijan was subjected to a massacre, resulting in the death of over 600 innocent civilians, including many children, women, and elderly.''

    ''The renowned international human rights organization, Human Rights Watch, called this tragedy the largest massacre in the region,'' the document continues. ''This event in Khojaly is a sobering reminder of the terrible damage that can be inflicted in wartime and the enduring need for greater understanding, communication, and tolerance among people over the world,'' the proclamation states.

    The proclamation was also signed by John A. Gale, Nebraskaв's Secretary of the State.

    This is the first official document on the Khojaly Massacre adopted in Nebraska. Nebraska has become the 18th state in the United States to condemn the Khojaly Massacre, as well as to recognize and honor its innocent victims.

    /By Azertac/
    9
  • Iran`s Embassy celebrates 37th anniversary of victory of Islamic Revolution
    11.02.2016 11:34
    http://www.today.az/pictures/pic147748.jpg
    http://www.today.az/pictures/pic147748.jpg
    The Embassy of the Islamic Republic of Iran in Baku celebrated the 37th anniversary of the victory of the Islamic Revolution.

    Iranian Ambassador to Azerbaijan Mohsun Pakayin highlighting the development of Iran's revolution over the past 37 years noted that great progress has been achieved over the years in various fields. He said that the constructive cooperation between Iran and Azerbaijan is of strategic importance.

    ''Expanding the existed relations between the two countries is one of the main objectives,'' he added. Recent high-level reciprocal visits, including meetings between the two countries, have given strong impetus to the further development of relations between the two countries.

    Minister of Energy Natig Aliyev congratulated the people of Iran on behalf of Government of Azerbaijan.

    Touching upon the strengthening of Azerbaijani-Iranian relations, the Minister said that friendly relations between the two countries are deeply rooted in ancient history. He emphasized the importance of reciprocal visits in expansion of economic, cultural and humanitarian cooperation.

    The event brought together officials, MPs, ambassadors of foreign countries to Azerbaijan and public figures.

    /By Azertac/
    9
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