Azerbaijani Oil Group Suspends Environmental Projects

Azerbaijan has frozen money allocated for environmental projects due to financial constraints.

Azerbaijan has frozen money allocated for environmental projects due to financial constraints. State Oil Company of the Republic of Azerbaijan (SOCAR) President Rovnag Abdullayev announced that the money would be frozen indefinitely. SOCAR reported in 2008 that the environmental program had cleaned up 500 acres of damaged property since 2006, a small fraction of the actual amount that needs to be cleaned up. Not only has SOCAR announced has ceased environmental efforts but SOCAR has also suffered from crude-oil prices. The company announced that crude-oil production in Azerbaijan dropped by 8 percent, a reduction in oil outputs.

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Government Hikes Expat Fees for Work Permits

In order to counter hiring foreign citizens in Azerbaijan, companies that do hire foreign citizens shall be required to pay 1,000 manats (over $1,200).

In order to counter hiring foreign citizens in Azerbaijan, companies that do hire foreign citizens shall be required to pay 1,000 manats (over $1,200). The previous rate for one-year work permits was 45 manats. This law has already gone into effect. The Ministry of Labor and Social Security believe the 25 fold increase shall help protect the local workforce and prompt employers to look at locals. The law does not come without criticism where dissenters believe that the implementation of the fee will only bankrupt companies that work with foreign nationals.

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Azerbaijan Cuts 2009 Oil Output Forecast by a Fifth

Due to production problems and low oil prizes, Azerbaijan has cut 2009 oil production by a fifth to 45 million tonnes

Due to production problems and low oil prizes, Azerbaijan has cut 2009 oil production by a fifth to 45 million tonnes. If Azerbaijan does indeed cut oil production, this will mark the first year in which production has stayed that in a decade that seen a raise of production by more than fivefold. This news comes as the a BP-led consortium has experienced some technical problems. The government of Azerbaijan has also adopted a stricter budget that is based on an average oil price of $70 per barrel compared to the current prices below $40.

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One-Third of Investment Spending to be Stashed Away

To curb the world financial crisis, Azerbaijan looks to budget $2 billion (1.6 billion manats) towards investments as hedge funds.

To curb the world financial crisis, Azerbaijan looks to budget $2 billion (1.6 billion manats) towards investments as hedge funds. The budget also explicitly states that the earmarked money for investments cannot be spent at all, despite the allocated amount running counter to the Law on Budget System. The Azerbaijan government states that allocating one-third of the budget to investments is a precautionary measure. [As a side note, 80 percent of this year's investment spending shall be channeled into implementing newly proposed projects.

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Azerbaijan Says Has Gas to Fill Nabucco Pipeline

Europe is looking to lessen its dependency on Russian oil supplies. Azerbaijan's oil monopoly like other central Asian countries has offered to help full the Nabucco pipeline, which runs from the Caspia via Turkey, Bulgaria, Romania, Hungary and ends in Austria.

Europe is looking to lessen its dependency on Russian oil supplies. Azerbaijan's oil monopoly like other central Asian countries has offered to help full the Nabucco pipeline, which runs from the Caspia via Turkey, Bulgaria, Romania, Hungary and ends in Austria. The Caspian's oil supply is believed to be unable to supply the European nations' demands. President of Azerbaijan's state-owned company states that the country has about 23 trillion cubic meters of gas reserves. Currently, as it stands critics believe that the gas reserves would even be able to fulfill the demands of the European Union.

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Azerbaijan Willing To Expand Gas Deals With Greece

Azerbaijan's president says his country is willing to expand natural gas cooperation with Greece, which is providing an alternative to Russia's hold on European energy supplies.

Azerbaijan's president says his country is willing to expand natural gas cooperation with Greece, which is providing an alternative to Russia's hold on European energy supplies. President Ilham Aliyev says there is "no doubt that much more can be done" beyond an existing pipeline carrying Azeri gas to Greece. In 2007 Greece and Turkey inaugurated a pipeline that provided the EU with its first gas from the Caspian region, bypassing Russia and the Middle East. Aliyev says Azerbaijan is "making an effort to strengthen Europe's energy security." He was speaking in Athens on Monday after a meeting with Greek President Karolos Papoulias. During the meeting, Greek and Azeri officials signed a deal for cooperation on renewable energy sources.

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