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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).

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). The previous rate for one-year work permits was 45 manats. This law has already gone into effect. The Ministry of Labor and Social Security believe the 25 fold increase shall help protect the local workforce and prompt employers to look at locals. The law does not come without criticism where dissenters believe that the implementation of the fee will only bankrupt companies that work with foreign nationals.

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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).

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). The previous rate for one-year work permits was 45 manats. This law has already gone into effect. The Ministry of Labor and Social Security believe the 25 fold increase shall help protect the local workforce and prompt employers to look at locals. The law does not come without criticism where dissenters believe that the implementation of the fee will only bankrupt companies that work with foreign nationals.

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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

Due to production problems and low oil prizes, Azerbaijan has cut 2009 oil production by a fifth to 45 million tonnes. If Azerbaijan does indeed cut oil production, this will mark the first year in which production has stayed that in a decade that seen a raise of production by more than fivefold. This news comes as the a BP-led consortium has experienced some technical problems. The government of Azerbaijan has also adopted a stricter budget that is based on an average oil price of $70 per barrel compared to the current prices below $40.

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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.

To curb the world financial crisis, Azerbaijan looks to budget $2 billion (1.6 billion manats) towards investments as hedge funds. The budget also explicitly states that the earmarked money for investments cannot be spent at all, despite the allocated amount running counter to the Law on Budget System. The Azerbaijan government states that allocating one-third of the budget to investments is a precautionary measure. [As a side note, 80 percent of this year's investment spending shall be channeled into implementing newly proposed projects.

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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 in Austria.

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 in Austria. The Caspian's oil supply is believed to be unable to supply the European nations' demands. President of Azerbaijan's state-owned company states that the country has about 23 trillion cubic meters of gas reserves. Currently, as it stands critics believe that the gas reserves would even be able to fulfill the demands of the European Union.

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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.

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. President Ilham Aliyev says there is "no doubt that much more can be done" beyond an existing pipeline carrying Azeri gas to Greece. In 2007 Greece and Turkey inaugurated a pipeline that provided the EU with its first gas from the Caspian region, bypassing Russia and the Middle East. Aliyev says Azerbaijan is "making an effort to strengthen Europe's energy security." He was speaking in Athens on Monday after a meeting with Greek President Karolos Papoulias. During the meeting, Greek and Azeri officials signed a deal for cooperation on renewable energy sources.

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Azerbaijan Crude Exports Via Russian Pipeline Down 34.7% In Jan.

Azerbaijan's state-owned oil company GNKAR said on Tuesday in January it exported via the Baku-Novorossiisk pipeline some 167,200 metric tons of crude, which is a 34.7% decline against the same period last year.

Azerbaijan's state-owned oil company GNKAR said on Tuesday in January it exported via the Baku-Novorossiisk pipeline some 167,200 metric tons of crude, which is a 34.7% decline against the same period last year. Last January the Central Asian country pumped about 1.2 million metric tons of crude through the pipeline, which links the Azerbaijani capital with the Russian Black Sea port of Novorossiisk, 2.6% less than in January 2007. Azerbaijan holds vast oil and gas reserves in the Caspian Sea, which it exports to neighboring Georgia, Turkey, and Europe through three pipelines - the Baku-Tbilisi-Ceyhan via Georgia to Turkey, Baku-Novorossiisk and the Baku-Supsa to Georgia. The volume of crude transits via the Baku-Novorosiisk pipeline, which is estimated at 5 million metric tons per year, was reduced in 2007 after the opening of the Baku-Tbilisi-Ceyhan pipeline.

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Bulgaria Says to Import Azeri Gas from 2010

Bulgarian Prime Minister Sergei Stanishev reached an agreement with Azeri President Ilham Aliyev on Monday to import 1 billion cubic meters of Azeri gas a year from 2010, the government in Sofia said.

Bulgarian Prime Minister Sergei Stanishev reached an agreement with Azeri President Ilham Aliyev on Monday to import 1 billion cubic meters of Azeri gas a year from 2010, the government in Sofia said. The agreement follows last year's memorandum of understanding between Bulgaria and Azerbaijan on the exports of 1 bcm of gas to the Balkan country, which is trying to ease its dependence on Russian gas. Bulgaria will need to build a 250 million euro ($328.6 million) 80-km stretch to link its gas network to an existing Turkey-Greece pipeline, which is already carrying Azeri gas to Europe. Sofia is yet to raise money for the plan and receive Athens' and Ankara's consent, which could take well over a year, industry officials have said.

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Azerbaijan Economic Growth Slows And Inflation Rate Soars In 2008

Energy-rich Azerbaijan's economy grew by 10.8% in 2008, less than half its level of growth in 2007, and the rate of inflation soared to nearly 21%, state statistics committee said Thursday.

Energy-rich Azerbaijan's economy grew by 10.8% in 2008, less than half its level of growth in 2007, and the rate of inflation soared to nearly 21%, state statistics committee said Thursday. The rate of economic growth fell in 2008 amid falling oil prices and the global financial crisis, with Gross Domestic Product hitting 38 billion Azerbaijani new manats ($47.23 billion). The rate of inflation meanwhile soared to 20.8%, up from 16.7% in 2007. International financial organizations have repeatedly warned Azerbaijan to take measures to curb rising inflation. Direct foreign investment fell by 16.3% in 2008, to AZN2.22 billion.

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Russia-Ukraine Gas Conflict Helps Azerbaijan

The gas conflict between Russia and Ukraine may be over, but the row has strengthened Azerbaijan’s image as a potential alternative source for large-scale gas supplies to Europe, local experts believe.

The gas conflict between Russia and Ukraine may be over, but the row has strengthened Azerbaijan's image as a potential alternative source for large-scale gas supplies to Europe, local experts believe. The shutoff of Russian gas to Ukraine and Europe, however, has most likely changed strengthened Azerbaijan's position, one Baku-based energy expert contends. The Nabucco pipeline -- a 3,300-kilometer-long gas line that would run from the Caspian Sea region via Turkey into Eastern and Central Europe is acquiring more international attention than ever. The chance to capitalize on European interest in Nabucco while memories of the Ukraine-Russia gas dispute are still running strong will prompt Turkey and Azerbaijan to put their differences aside. Turkish Energy Minister Khilmi Guler affirmed that Nabucco is now a priority for Ankara.

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Global Financial Crises Impacts On Labor Market In Azerbaijan

The Global Financial crisis took its toll on Azerbaijan as it hit employment hard, more than 20 thousand jobs were lost in food, construction, metallurgy, and other industrial sectors in the past couple of months.

The Global Financial crisis took its toll on Azerbaijan as it hit employment hard, more than 20 thousand jobs were lost in food, construction, metallurgy, and other industrial sectors in the past couple of months. Surprisingly, the drop in prices of oil caused unemployment to increase because of influenced work of joint-ventures whom warned of staff reductions. Furthermore, external factors lead to this upscale in unemployment since many migrant Azerbaijan lost their jobs in the crisis affected economies of neighboring Russia and Kazakhstan making them return home to look for jobs. Labor rights activists advocate for better unemployment compensation plans.

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