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Azerbaijan - Latest News/Current Events, Economic Overview & Trade Relations

AEI | Quick Facts about Azerbaijan

Official Name Republic of Azerbaijan
Capital Baku (Baki, Baky)
Location Southwestern Asia, bordering the Caspian Sea, between Iran and Russia, with a small European portion north of the Caucasus range
Area total: 86,600 sq km land: 86,100 sq km water: 500 sq km note: includes the exclave of Naxcivan Autonomous Republic and the Nagorno-Karabakh region; the region's autonomy was abolished by Azerbaijani Supreme Soviet on 26 November 1991
Climate dry, semiarid steppe
Terrain large, flat Kur-Araz Ovaligi (Kura-Araks Lowland) (much of it below sea level) with Great Caucasus Mountains to the north, Qarabag Yaylasi (Karabakh Upland) in west; Baku lies on Abseron Yasaqligi (Apsheron Peninsula) that juts into Caspian Sea
Azerbaijan
Azerbaijan

Azerbaijani Oil Group Suspends Environmental Projects

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

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Azerbaijan

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).

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Azerbaijan

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

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Azerbaijan

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.

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Azerbaijan

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…

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Azerbaijan

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.

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Trade Agreements

CISFTA - Commonwealth of Independent States FTA

Never fully implemented by all members, although Free Trade Area was created in 1999; future prospects unclear. http://www.worldtradelaw.net/fta/agreements/cisfta.pdf

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Trade Organizations

GUAM Organization for Democracy and Economic Development

GeorgiaGeorgia
Moldova, Republic OfMoldova, Republic Of
UkraineUkraine

The GUAM Organization for Democracy and Economic Development is a regional organization of four CIS states: Georgia, Ukraine, Azerbaijan, and Moldova.

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