The interest of the European Bank for Reconstruction and Development in Azerbaijan has proved to be in the leading position of the country in the region as a result of which the total volume of bank financing in the country exceeds $1bln, Heydar Babayev, Azerbaijani Minister of Economic Development stated.

Iranian gas for Nabucco may be considered only after a solution about Iran’s uranium enrichment issue is found, EU Energy Commissioner Andris Piebalgs said in an interview with New Europe.

“No, the European Commission at this stage has no relations with Iran because I believe for Iran, but also for EU itself, you need to resolve the main issue and the main issue is uranium enrichment. It wouldn’t be fair towards Iranians and it wouldn’t be fair towards our citizens,” he said.

The EU Energy Commissioner said there have been some positive developments in EU-Russia energy dialogue.

According to Ben May, economist for Europe of the Capital Economics, one of the leading economic research consultancies in the UK, slowing activity in fiscal markets and the strong euro to have a dampening effect on inflation this year.

“Providing that there are no further sharp rises in oil and food prices, headline CPI inflation should dip back to around 2% by early 2009,” May said to Trend Capital on 18 April.

The State Concern of Azerbaijani Airlines (the civil aviation department of Azerbaijan) has been reorganized as a closed joint stock company (CJSC) in line with the relevant decree of Azerbaijani President Ilham Aliyev. The shares of Azerbaijani Airlines will be totally state-owned.

The foundation of a new hydro-power station (HPS) was held in Fuzuli District of Azerbaijan located in the frontline of the Armenian –Azerbaijani conflict over Nagorno-Karabakh on 18 April with the participation of Azerbaijani President Ilham Aliyev.

The Baku-Supsa pipeline, which transports Azeri Light oil to the Black Sea shore of Georgia, will re-establish its activity.

The Manager of BP Georgia, Hyu Mcdowell, briefed the media on 17 April that the activity of the Baku-Supsa pipeline will be re-established after 100% guarantee is received for the security of the pipeline which transports oil from the Azeri-Chirag-Guneshli fields.

The oil transportation via Baku-Supsa pipeline was ceased by BP in autumn 2006 after anomalies were discovered on the pipeline during inspections.