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bp, ITS PARTNERS TO INVEST $18BN
bp and its partners are expected to invest some $18 billion in Azerbaijan before 2009, according to the bp Associate President in Azerbaijan David Woodward.
A total of $3.6 billion, including $2.9 billion for pre-drilling work and $700,000 for drilling, will be invested as part of Phase-1 the full field development of the Azeri, Chirag and Gunashli fields.
Phase-2 envisions investing some $5 billion, while the funds for Phase-3, which are tentatively estimated at $4 billion, haven't been defined yet. $2.9 billion will be invested in the construction of the Baku-Tbilisi-Ceyhan pipeline and $2.5-3 billion in the implementation of the Shahdaniz project.
HSBC BAKU BRANCH SUSPENDED
The HSBC Baku branch suspended its activities to render banking services to physical and legal entities Thursday. Thus, the branch will refuse to open new accounts from now onwards, gradually suspending banking, cash, ATM and check transactions. All of the bank's operations will be thoroughly frozen in June this year.
Those having deposit accounts in the branch will get their overall savings and interests. After the suspension and closing of banking accounts, the HSBC Baku bank will be operating a small office to regulate credit deals and assist the clients of the HSBC group active in Baku.
SAC-2 LOAN EXPECTED
The World Bank is expected to allot the second Structural Adjustment Credit of $60 million to Azerbaijan, as it is negotiating with the ministries of economic development and finance, the WB Baku Office reported Saturday.
The first loan totaling $77 million was allocated in 1997.
BSECO HOLDS TRANSPORT CONFERENCE IN KIEV
The second international conference on vehicles in the Black Sea region was held in Kiev, Ukraine on March 4-6. Leading the Azeri delegation, Vice-Premier Abid Sharifov addressed the gathering to update the audience on the achievements in various spheres of transport in Azerbaijan and stressed the importance of the Traceca project. Touching upon the consequences of the Armenian aggression, which has caused much damage to Azerbaijan's transport system, he spoke of the 10-year long blockade of Nakhchivan by Armenia.
8 members of the Black Sea Economic Cooperation Organization, excluding Armenia, Romania and Russia, signed a memorandum on mutual understanding on simplification of overland transportation in the region.
Azerbaijan signed the memorandum on the condition that its items should not attach to Armenia, as did Turkey.
The conference adopted a statement on development of transport corridors and systems, as well as principles of further transport cooperation.
AZERENERGY SPECIALISTS TO JOIN SIEMENS TRIALS
Specialists from German Siemens are expected to hold final trials of the equipment for a 330-11 kW strong sub-station being constructed in Agjabadi. Also joining the tests will be highly qualified experts from AzerEnergy, including deputy chief engineer Rafig Mammadov and chief engineer Azer Khammadov, AzerEnergy said Monday.
High-voltage switches and other vital components of the equipment for the up-to-date sub-station will be tested in a special Siemens laboratory in Berlin, Germany on March 13-15. Azeri delegates will have to make sure the reliability of the device and accept the minutes of the tests.
The work to build the sub-station in the regional town of Agjabadi as part of the Mingachevir Energy Project commenced in late February this year. Siemens took up the project after winning a relevant tender by AzerEnergy. All contracting operations are being performed by local construction, mounting and repair companies. The construction is to be completed in five months.
The commissioning of the new potent sub-station will enable to better and more effectively secure consistent energy supplies to the central, western and east-western parts of the country.
AZEL ANNOUNCED THE BEST SAMSUNG PARTNER IN CIS
Azerbaijan Electronics (AZEL) was announced the best partner of Samsung in the CIS countries last year, its head Igor Yakovenko said.
AZEL held bumper sales of IBM, Compaq, Microsoft and Samsung products last year and was second in Sony sales.
The company is specialized in distributing high-tech in Azerbaijan.
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© 1998-2003 Azernews. All Rights Reserved.
Issue No.N 10 (244), 2002
Aliyev's Iranian visit still on agendaOSCE chairman vows new proposals for Garabagh solutionMG co-chairs offer to involve Garabagh communitiesOpposition slams OSCE offerUS Air Forces College delegation on familiarization visitNationBusinessOil & gas news
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