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Armenia will continue to rely on foreign support in 2010 - UN

The world GDP after reducing by 2% in 2009 will rise by 3% this yearand by 3.1% in 2011. According to the new UN report on the worldeconomic state and prospects for 2010, the revival of the worldeconomy will be unstable and rapid and will not lead to the recoveryof the employment market.The head of UN Department of Economic and Social Affairs, Robert Vos,noted that current forecasts on the world economic development arebetter than six months ago. However, the unemployment level is stillrising around the world.

Azerbaijani telecommunication satellite construction deal signed

The Azerbaijani Ministry of Communications and InformationTechnologies (MCIT) has signed a general contract on the constructionof the first Azerbaijani telecommunication satellite, AzerSpace. Thecontract was signed by the director of the Center of InternationalConnections and Calculations of Jalil Jafarov and the vice-presidentof Orbital Sciences Corporation (USA) Michale Larkin, Turan reports.

Azerbaijan signs contract on renting orbit for national satellite

Azerbaijan signs contract on renting orbit for national satellite

The Azerbaijani Ministry of Communications and InformationTechnologies and Malaysian satellite operator MEASAT signed along-term contract in Istanbul today on renting an orbital positionfor the Azerbaijani satellite Azerspace, Trend reports citing theministry.

Japanese company to carry out hotel project in Yerevan

The Japanese company Aray Architects has won a tender to develop aproject to build the the hotel complex Intercontinental. According tothe head of the architectural group, Levon Vardanyan, the famousJapanese architect Aray Yokaza will work on the hotel project, ArmeniaToday reports.

Iran plans signing contracts on copper-smelting and copper-refinery plants

The contracts on construction of copper-smelting, copper refinery andenriching plants on Sungun mines (in East Azerbaijan) are planned tobe signed in September, Iran News reports citing IRNA.Director General of the Iranian copper smelting industry company,Ardashir Saadmohammadi, met the governor of East Azerbaijan province,noting that the contracts will most likely be signed with thecontractors. Realization of the projects will go ahead according toschedule.

Adler thermal power plant construction started in Sochi

Work on the Adler thermal power plant in Sochi has begun, Yuga.ru reports.The main building will become the dominant architectural structure ofthe power plant. The machine hall with steam turbines and the unitcontrol room will be in the main building. It will connect gasturbines with exhaust heat boilers.

Kazakh oil and gas equipment makers are ready to cooperate with near abroad

The creation of joint-ventures or alliances, primarily with well-knownmanufacturers from former Soviet republics is important for thedevelopment of Kazakh oil and gas equipment production, a KazMunayGazspokesman told VK.He believes that joint ventures will allow nearby republics to enterthe Kazakh market. Azerbaijan, Tatarstan, and Bashkiria specialized inthe production of oil and gas equipment and engineering, even theSoviet times, Bolat Tashmetov said.

Azerbaijan interested in implementation of Nabucco project

Azerbaijan is interested in the quick implementation of the gas pipeline construction project Nabucco, Minister of Industry and Energy Natiq Aliyev said, reports Trend. "The level of Azerbaijani participation in gas supplies to Europe via this route depends on the demand," Aliyev said.He added that Azerbaijan had expressed interest in the project.

Norway ready to invest in Georgia’s energy system

Minister for Natural Resources of Georgia Goga Hachidze recently hosted a meeting with Norwegian ambassador Yon Ramberg, reports Business Georgia. The meeting saw a discussion of joint projects aimed at the protection of the environment. The top issue was global climate change, the ministry said.During the meeting, the sides reached an agreement on the effective use of non-polluting technology in the construction of a new hydro-electro station, as well as making this technology widely accessible.

Strategic agreements to be signed during Medvedev’s visit to Turkey

Russian Vice-Premier Igor Sechin said today in Ankara that RussianPresident Dmitry Medvedev plans to sign intergovernmental agreementson his visit to Turkey, RIA Novosti reports.Some documents are still being studied by experts. The main issues arecooperation in the spheres of gas, energy, nuclear power, oiltransport and a visa-free regime, Sechin said at a jointpress-conference with Turkish Energy Minister Taner Yildiz in Ankara.

Azerbaijan ready to supply gas for Nabucco

Azerbaijan is prepared to supply half its gas extracts to the Nabuccopipeline that will bypass Russia as it pumps gas to Europe, RIANovosti reports, citing a presidential administration official."Azerbaijan attaches great importance to Nabucco ... We are ready tosupply 50% of Azerbaijani gas via the pipeline," Ali Gasanov, head ofthe social and political department of the Azerbaijani presidentadministration, said.

Nabucco construction will start on time

Construction of the Nabucco gas pipeline for the transport of naturalgas from the Caspian to Europe, bypassing Russia, will start on timein 2011, official Nabucco spokesman Christian Dolezal said, theTurkish business channel CNBC said.According to Dolezal, 70% of expenses will be compensated by thefinancial institutions and 30% - by consortium members."The EU has already provided us with a 200 million euro loan," -Dolezal said as quoted by RIA Novosti.

Tbilisi airport runway to be redesigned

The reconstruction of the runway at Tbilisi airport will be financed by the France's ADPI, Georgian Finance Minister Zurab Pololikashvili said after attending a meeting between a representative of the Gruzaeronavigatsia company and the French company. "The French government has alloacted 705,037 euros to be spent on the research and redesign of the runway at Tbilisi international airport. The reconstruction will be executed by the Paris airport services," Pololikashvili said, as quoted by Georgia Online.

Third bridge to be built in Istanbul

Istanbul authorities have begun constructing a third bridge. TheTurkish Minister of Transport Binali Yildirim said that the 1.3 kmbridge over the Strait of Bosporus will solve the rising problem oftraffic flow in Istanbul, 6news reports.The tender will start in September this year. There will be 3 lines oftraffic on each side. Construction is planned to be carried out in 5years. The project will cost $5 billion.

Building machinery to be produced in Azerbaijan's Ganca

An automobile plant in Azerbaijan's Ganca and the German companyHaller signed a long-term agreement today to start production ofmachinery based on MAZ cars with Haller equipment, Trend reports,citing the enterprise.The contract will last 10 years. The vehicles will be produced in Azerbaijan.They plan to produce approximately 100-150 units for sale inAzerbaijan, Turkey and Georgia. The director of the Ganca automobileplant, Khanlar Fatiyev, said that most parts will be produced inAzerbaijan.

SOCAR to invest $50mln in Georgia this year

The National Azerbaijani Oil Company (SOCAR) will invest about $50mln in Georgia this year, reports Trend, citing the head of the company Mahir Mamedov, reports Trend. The development of Georgian-Azerbaijani business cooperation was discussed at a business forum hosted by Georgia. Mamedov participated in the forum as a chairman of the Azerbaijani Entrepreneurs Association in Georgia.