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SOCAR Drilling New Well in Caspian Sea

Azerbaijan’s state oil company SOCAR will additionally produce nearly 7,300 tons of oil annually once it commissions a new well which is being drilled at the Western Absheron offshore field, SOCAR said in a message available on its website. The well’s projected depth is 770 meters. According to geologists, 20 …

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ENOC Continues to Supply Crude Oil to Iran Despite Sanctions

ENOC Continues to Supply Crude Oil to Iran Despite Sanctions

Despite the sanctions, the companies Dragon Oil and ENOC shipped the next crude oil cargo to Iran. At the end of July, the same vessel VF Tanker-20, carried crude oil produced by Dragon Oil, arrived on roads of Baku port, Azerbaijan. However, after one week delay, caused by detection of …

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Philip Morris Plans to Reduce Production of Traditional Cigarettes

Philip Morris, multinational cigarette manufacturing company plans to reduce traditional cigarette production and replace it by smoke-free product IQOS. “When 50-60% of consumers move to new product, we will be able to fully stop cigarette production. Otherwise, we will receive illegal products”, the company executive director noted. The company intended …

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ADB Raises 2017 Growth Forecast for Developing Asia to 5.9%

ADB Raises 2017 Growth Forecast for Developing Asia to 5.9%

The Asian Development Bank raises Developing Asia’s 2017 growth forecast to 5.9% from 5.7% in its latest Outlook supplement. Inflation forecast cut to 2.6% from 3%. China 2017 GDP forecast raised to 6.7% from 6.5%; 2018 at 6.4% Inflation cut to 2% from 2.4%; 2018 at 2.6% India 2017 GDP forecast …

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Turkey is Popular Again With British Tourists, Says Thomas Cook

Turkey is Popular Again With British Tourists, Says Thomas Cook

Turkey is back on the tourist map for UK visitors despite growing tensions between its government and Germany. The tour operator Thomas Cook said it was seeing a pick-up in demand for Turkish holidays because they were good value for money. The chief executive, Peter Fankhauser, said Turkey was proving attractive …

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EBRD approves Huge Loan for Shah Deniz Project

Shah Deniz

The European Bank for Reconstruction and Development (EBRD) will provide a $100 million loan to LUKOIL Overseas Shah Deniz Ltd to extend additional financing for its share in the second stage of the development of Shah Deniz, an offshore gas exploration and production project in Azerbaijan and one of the …

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Baku-Tbilisi-Kars Railway to Attract Transit Cargo Traffic to Kazakhstan

With the commissioning of the Baku-Tbilisi-Kars railway line this year, cargo from China will be transported through Kazakhstan along a shorter route to Turkey and on to Europe. This was said during a working trip to Azerbaijan and Georgia by Kanat Alpysbayev, the head of Kazakhstan’s national railways company Kazakhstan …

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The World’s Largest Power Plant is a $27 billion ‘Engineering Wonder’

Located on the border of Brazil and Paraguay, the Itaipú Dam produced 103.09 million megawatt-hours (MWh) of electricity in 2016 — making the hydroelectric system the world’s largest power plant. Ten years after its completion in 1984, the American Society of Civil Engineers named it “one of the seven engineering wonders of the modern world.” Building …

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First Batch of Natural Gas to be Delivered to Turkey via TANAP in 2018

The construction of the Trans Anatolian Natural Gas Pipeline (TANAP) has been completed by 77.3 percent, said Rovnag Abdullayev, president of Azerbaijan’s state oil company SOCAR, in an interview with the Anadolu Agency. According to him, TANAP is an important project for Azerbaijan, Turkey and Europe in terms of ensuring …

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