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 The oil price of the Organization of the Petroleum Exporting Countries (OPEC) gained 0.59 dollars early in the week and inched further towards the 80-dollar level, the group announced Tuesday, dpa reported. The cartel's basket price settled at 77.86 dollars per barrel (159 litres) of crude oil on Monday. |
 The Information Technology Management of the State Oil Company of Azerbaijan Republic and the British company Fugro signed a contract to develop a corporate database of geological, geophysical and oil-field data, SOCAR reported. Earlier Fugro won the tender announced by SOCAR. |
 Operations on construction of 35-kV substation are underway in the Black Sea oil terminal (BST) of SOCAR (State Oil Company of Azerbaijan) in Kulevi, the terminal said. Construction is carried out under to the contract signed between the BST and the Georgian State Railway. Operations began in late 2009. Construction consists of two parts: 35/10-kV main power transformers and related equipment, 10 / 3,3- kV traction power transformers, including related modules and equipment. |
 It is expected to launch the oil production under the Chirag oil project, which envisages increasing oil production at the block of Azeri-Chirag-Guneshli (ACG) fields in the Azerbaijani sector of the Caspian Sea in November 2013. The project will create an opportunity for the extraction of an additional 360 million barrels of oil. So far, about .4 billion barrels of oil (about 188 million tons) was produced from the ACG. |
 The Turkmen-Austrian business forum is expected to be held in Ashgabat Apr.14, the official Turkmen source said. The forthcoming Turkmen-Austrian Forum "is designed to facilitate fruitful business contacts with leading foreign and, in particular, European companies," Turkmen President Gurbangulu Berdimuhammedov noted at the last governmental meeting. |
 15-20 banks are enough for the economy of Azerbaijan, Alim Guliyev, First Deputy Chairman of the Board of the Central Bank of Azerbaijan (CBA), reported on Friday. "Currently, there are 46 banks operational in the country, and we believe that this is an extreme number for such country as Azerbaijan. Therefore, one of the principal tasks of the Central Bank in 2010 will be to work out a strategy of consolidation and optimization of the banking system," Guliyev said. |
 The Nabucco Consortium welcomes yesterday's decision by the Turkish parliament to ratify the treaty that will enable construction and operation of the Nabucco gas pipeline in Turkey with a secure legal framework for the gas transit. "No other mooted project in the southern corridor has those secured transit rights," said in the Consortium's statement. |
 Baku will host the professional IT forum AV Focus March 17, expert at Panasonic's System Solutions Department in Ukraine Svetlana Muravey said. According to the company official, AV Focus will be held in Baku for the first time. Professional audio and video equipment and software solutions manufacturers will share information about modern multimedia technology potential for conference rooms, classrooms, control and situation centers, and smart homes. |
 Baku Metro began installing information kiosks in metro stations, Baku Metro told Trend Capital. Installed kiosks are additional service for passengers. At present, information terminals are installed at all stations, which allows Baku Metro to improve information services for passengers, providing inquiry services. An electronic guide-book has been installed in kiosks' programming base on Baku Metro stations. |
 March 3, the price of AZERI LT CIF Augusta was $80.32 per barrel or $1.45 per barrel more, compared to the previous day's price, according to the State Oil Company of Azerbaijan (SOCAR), which has produced Light Oil since 1997. |
 "Azerbaijan has met all the necessary conditions to transport hydrocarbons to Central Asia and Europe," State Oil Company of the Azerbaijan Republic (SOCAR) head Rovnag Abdullayev said at a meeting with UK State Energy and Climate Change Minister Lord Hunt, the company's official Web site reported. Azerbaijan is always ready to offer its infrastructure for hydrocarbon transportation, he said. |
 The oil price of the Organization of the Petroleum Exporting Countries (OPEC) rose 1.01 dollars at mid-week, the cartel announced Thursday. The group's basket price reached 76.52 dollars per barrel (159 litres) on Wednesday, DPA reported. |
 A weaker dollar makes oil - which is priced in the US currency - cheaper for buyers in other currencies, BBC-news reported. US light crude climbed to $80.88 a barrel, up 1.4%. London Brent crude rose 1.3% to $79.22 a barrel. |
 March.2, the price of AZERI LT CIF Augusta was $78.87 per barrel or $0.39 per barrel more, compared to the previous day's price, according to the State Oil Company of Azerbaijan (SOCAR), which has produced Light Oil since 1997. |
 In 2010, the International Monetary Fund (IMF) expects the restoration of growth of non-oil GDP to 4.2 percent in Azerbaijan, Head of IMF mission to Azerbaijan Nienke Oomes, who is on visit to Baku for consultations under Article IV of the Agreement on the establishment IMF, said today. |
 The European Union allocated ˆ122.5 million to Azerbaijan in 2010. It was allocated within the financial assistance assigned for acceleration of political cooperation and economic integration between the European Union and the countries joined the European New Neighborhood Policy program, APA reports quoting the official website of the European Commission. |
 The World Bank has completed its assessment of a project to expand the Baku-Shamakhi-Mugan Highway from two to four lanes. The bank is likely to allocate a mixed loan of $246 million. "The project will be funded by the International Development Association (IDA), which is part of the WB, for Azerbaijan's quota for 2010 fiscal year amounting to $70 million, and $176 million at the expense of the International Bank for Reconstruction and Development (IBRD), the bank's Baku office reported. |
 By the decision of the Azerbaijani Cabinet of Ministers a schedule for monitoring the execution for of budget of incomes and expenditures for 2010 by major taxpayers has been dtermined, the government said March 1. According to the schedule, monitoring of budget execution during the first quarter is scheduled for April in CJSC AZAL, May in Azersu, JSC "Azerenerji. |
 In 2010, the State Oil Company of Azerbaijan Republic (SOCAR) plans to drill 14 new wells in the Pirallahi field, SOCAR reported. Previously, the company commissioned three new oil wells on the field. The depth of each well is 750 meters and the daily debit - 4 tons. |
 Ministry of Azerbaijan Economic Development has announced a tender for the purchase of IT equipments and technical supply and installation of IT infrastructure. |
 The export of Azerbaijani gas to Syria is being discussed in Damascus, said Azer Mansimli, Ministry of Industry and Energy spokesman. According to him, on this occasion Azerbaijani delegation led by Natig Aliyev, minister of Industry and Energy paid a visit to Syria yesterday. SOCAR (State Oil Company of Azerbaijan) vice-presidents Elshad Nasirov, Mukhtar Babayev as well as Siyavush Garayev, rector of Azerbaijan State Oil Academy are also included to the delegation. |
 Feb.26, the price of AZERI LT CIF Augusta was $77.85 per barrel or $2.05 per barrel more, compared to the previous day's price, according to the State Oil Company of Azerbaijan (SOCAR), which has produced Light Oil since 1997. |
 The State Oil Company of the Azerbaijan Republic (SOCAR) intends to prepare a feasibility study its gas exports project to Georgia's Black Sea coast, SOCAR head Rovnag Abdullayev said. "The preparation of the feasibility study will allow us to identify the most advantageous options [of gas exports via the Black Sea]. We have several options, including LNG and CNG exports. There are also possibilities for transit through Turkey. |
 The winner of the tender for the preparation of a feasibility study on the project of reconstruction of SOCAR's (State Oil Company of Azerbaijan) recycling center was an American company Mİ SWACO, SOCAR Ecology Department said. |
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