Iranian currency to world’s currency rates for May 14

BAKU: The Central Bank of Iran (CBI) put up an official exchange rate for foreign currencies on May 14, Trend reports via the CBI.

Based on the bank’s currency exchange rate, 20 currency prices grew while 15 fell compared to May 13.

As for CBI, $1 equals 42,000 Iranian rials, and one euro equals 45,339 rials. On May 13, one euro was 45,234 rials.

In Iran, the official exchange rate is used for the import of some essential products.

The SANA system is the name given to the CBI’s announcement of the exchange rate to banks and exchange offices. One euro was equivalent to 484,355 rials and one dollar to 448,689 rials under this system.

NIMA is a scheme for selling a percentage of the foreign money earned from exports.

The price of one euro in this system amounted to 452,246 rials, and the price of $1 was 418,944 rials.

On the black market, $1 is worth about 593,000-596,000 rials, while one euro is about 640,000-643,000 rials.

Source: Trend News Agency

Azerbaijani official outlines priorities of cooperation with Italy

BAKU: The director of the Research Center for Agricultural Economics under the Ministry of Agriculture of Azerbaijan, Firdovsi Fikretzade, has expressed support for the purchase of agricultural machinery from Europe, in particular from Italy, Trend reports.

He made the statement at an Azerbaijani-Italian business forum in Baku.

‘Azerbaijan has been actively acquiring agricultural machinery in Italy for the last 5 years. This machinery corresponds to green technologies and, thus, to the goals of sustainable development of Azerbaijan’s economy. We will increasingly introduce green technologies in the production of agricultural products in the country,’ Fikretzade emphasized.

He also touched upon cooperation with Italy on the development of livestock breeding.

‘In Azerbaijan, 60 percent of cattle imports are subsidized by the state. In Italy, cattle breeding is very developed, and we are open to cooperation,’ the representative of the Ministry of Agriculture noted.

Source: Trend News Agency

Italy stands ready to help Azerbaijan’s agriculture industry grow – diplomat

BAKU: Italy is ready to promote the development of Azerbaijan’s agricultural sector, the representative of the Italian Embassy in Azerbaijan Riccardo Cursi said at the Azerbaijan-Italian business forum, Trend reports.

He recalled that Italy is Azerbaijan’s principal trading partner and that ties are prospering in all spheres of life, including politics, culture, and the economy, including agriculture.

According to him, relations in the agricultural sector have been actively developing since 1999.

“Our countries have much in common. We have a favorable climate, and we have been developing viticulture and animal husbandry for a long time. Our mutual experience will be beneficial to our states,” Cursi noted.

Moreover, the diplomat said that Azerbaijan, being an important partner of Italy in the energy sector, is developing non-oil sectors of the economy, especially agriculture.

“The agricultural sector contributes significantly to Azerbaijan’s GDP. This sector employs a large portion of Azerbaijan’s populat
ion. Investment in the country’s agriculture industry is growing. We are ready to contribute to this progress by supplying modern technologies, machinery, and equipment,” the Italian representative explained.

He mentioned that the development of ‘green’ agriculture will be a separate topic at the upcoming COP29 conference in Azerbaijan.

“Italy will be represented at COP29 by a large delegation. We regularly hold necessary consultations on this important issue,” Cursi added.

To note, Azerbaijani-Italian trade turnover from January through March 2024 amounted to $2 billion.

This November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70-80,000 foreign guests.

The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. COP-the Conference
of the Parties-is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Germany’s Berlin, and its secretariat is located in Bonn.

Source: Trend News Agency

Kazakhstan, Chevron discuss enhancing output at Tengiz, Karachaganak fields

ASTANA: Kazakhstan’s Energy Minister Almassadam Satkaliyev has discussed current cooperation issues related to the development of the Tengiz and Karachaganak fields with Clay Neff, President of Chevron International Exploration and Production, Trend reports. ?

The meeting between the parties took place as part of a special session of the World Economic Forum (WEF) in Riyadh, Saudi Arabia.

The parties also reviewed the project for the construction of a gas processing plant at Karachaganak.

Satkaliyev pointed out that the government of Kazakhstan pays special attention to the development of the Tengiz field and noted the importance of ensuring the timely launch of the Future Expansion Project and the Wellhead Pressure Management Project (FGP/WPMP).

At the same time, Satkaliyev and Neff expressed satisfaction with the pace of development of the Karachaganak field, aimed at maintaining oil and condensate production at the level of 11 million tons per year.

In addition, the parties confirmed their readiness t
o work on further strengthening the strategic partnership between Kazakhstan and Chevron in existing and promising areas.

On April 25, Tengizchevroil (TCO, operator of Kazakhstan’s Tengiz oil field) safely started operations at its Wellhead Pressure Management Project (WPMP) at the Tengiz oil field, with the conversion of the first metering station to low pressure and by bringing online the associated Pressure Boost Facility (PBF). This is an important milestone in Tengiz’s overall expansion plans.

The WPMP is intended to keep existing Tengiz processing plants at full capacity (about 28 million tons per year) by lowering the flowing pressure at the wellheads and subsequently increasing the pressure at the existing plants.

The extra PBF compressors will begin operations, and the remaining metering stations will be converted for the remainder of the year.

The final stage of TCO’s expansion project, known as the Future Growth Project (FGP), is scheduled for completion in the first half of 2025. This will ena
ble TCO to expand Tengiz crude oil production by an incremental 12 million tons per year (260,000 barrels a day).

Source: Trend News Agency

Thailand keen to use Trans-Caspian International Transport Route, ambassador says

ASTANA: Thailand is interested in using the Trans-Caspian International Transport Route (TITR, or Middle Corridor), said the Ambassador of Thailand to Kazakhstan Chatchawan Sakornsin, Trend reports.

He made a remark during a seminar on TITR and logistics in the Mangystau region.

“Based on the latest geopolitical and geoeconomic situations, we are looking for new alternative ways to transport goods from Thailand. Previously, we all transported everything through Russia on the Trans-Siberian route. Our November seminar with Thai ambassadors from all countries highlighted the Trans-Caspian International Transport Route as a new way to move goods from Thailand to Kazakhstan,” he said.

According to the ambassador, Thailand expresses great interest in Kazakhstan, as it is one of the largest countries in Central Asia. “Thank you for today’s seminar. We were able to get answers to our questions,” he noted.

The Middle Corridor is a transportation and trade route that connects Asia and Europe, passing through sever
al countries in the region. It is an alternative route to the traditional Northern Corridor and Southern Corridor.

The route starts in China and crosses Central Asian countries such as Kazakhstan, Uzbekistan, and Turkmenistan. It then passes through the Caspian Sea, Azerbaijan, Georgia, and Trkiye before reaching Europe.

The Middle Corridor offers a land route that connects the eastern parts of Asia, including China, with Europe, bypassing the longer maritime routes.

Source: Trend News Agency

Azerbaijan enters TOP 10 countries by number of companies operating in Kazakhstan

ASTANA: Azerbaijan has entered the TOP 10 countries with registered and operating companies in Kazakhstan, Trend reports.

According to figures from the country’s Bureau of National Statistics, as of April 1, 1,434 companies with Azerbaijani capital were registered in Kazakhstan, as well as 217 companies with joint ownership.

Thus, Azerbaijan ranks sixth among countries with operating companies in Kazakhstan.

At the same time, currently 1,152 companies with Azerbaijani capital out of 1,434 registered are operating, and out of 217 joint companies with Kazakhstan, 152 are operating.

In addition, Azerbaijani companies currently operating in Kazakhstan mainly operate in the areas of wholesale and retail trade, car and motorcycle repair (489), construction (185), transport and warehousing (43), manufacturing (51), etc.

Moreover, the top ten also included Russia, Trkiye, Uzbekistan, China, Kyrgyzstan, Ukraine, Germany, South Korea, and Belarus.

Meanwhile, as of April 1, 2024, the number of registered companies
with foreign ownership in Kazakhstan amounted to 57,052, which is 13 percent more than the same period in 2023.

Source: Trend News Agency

Tetra Tech presents PLEXOS and TIMES models for energy market analysis in Baku

BAKU: The topic related to Azerbaijan’s actions to reduce greenhouse gas emissions by 2050 was the focus of a May 14 meeting between experts from the Ministry of Energy, the Tetra Tech international consulting company and the European Bank for Reconstruction and Development (EBRD), Trend reports with reference to a message from the Ministry of Energy of Azerbaijan.

“Tetra Tech presented PLEXOS (the world’s most powerful energy market modeling and analysis system) and TIMES (Technical and Economic Approaches to Energy Modeling) models as part of technical assistance to Azerbaijan on low-carbon solutions in the electricity sector. This was part of her obligations to implement the corresponding project for Azerbaijan,” the ministry noted.

The meeting was also attended by representatives of the Ministries of Economy, Ecology and Natural Resources, Azerenergy OJSC and the Energy Regulatory Agency.

Source: Trend News Agency

13 people detained during rally in front of Georgian Parliament

BAKU: In the capital of Georgia, Tbilisi, 13 people were detained during a rally in front of parliament against the adopted ‘On Foreign Influence’ law, the Georgian Ministry of Internal Affairs said, Trend reports.

It is reported that these individuals were detained for ignoring legal demands of the police and petty hooliganism.

The ministry stated that all illegal actions committed during the rally will be investigated.

Source: Trend News Agency