Azpetrol Eager to Start Works in Giurgiulesti Already in 2005

Published: 13 December 2004 y., Monday
The Azpetrol Holding of Azerbaijan plans to conclude by end-2004 its negotiations with the Moldovan Government on the terms of obtaining the Giurgiulestii Oil Terminal in southern Moldova, on the Danube River. The Sharg News Agency of Azerbaijan has reported that in case of a positive outcome of the talks, the construction of the Jurjulesti oil terminal and passenger port will be started already in 2005, to be followed by the building of an oil refinery there. Azpetrol seeks to obtain tax privileges and land allocation for the construction. For instance, the investor is asking 0% rates of the Customs duty and of the VAT for a 50-year period, and a 25% profit tax rate, like in Azerbaijan, although the profit tax rate in Moldova is only 20 percent, and it will fall even to 18 percent next year. So, if this latter rate is imposed to Azpetrol here, then in accordance with the inter-governmental Moldova-Azerbaijan agreement on double taxation avoidance, the difference will have to be paid at home. The idea to complete the Jurjulesti project and to sell out the oil terminal was discussed during the official visit of Moldovan President Vladimir Voronin to Baku (Azerbaijan) in October 2004. To put the idea into reality, a company will be opened in Moldova - a part of the mighty Azpetrol Group. Azerbaijan is thus realizing its years-old dream to expand oil business beyond the FSU Caucasus republic's national territory. The very advantageous location of Giurgiulesti permits to organize a fairly efficient transportation of oil products to Moldova and neighbor countries. The raw material for the Jurjulesti refinery will be the Azerbaijan oil. Azpetrol Holding controls more than a half of the oil market in Azerbaijan.
Šaltinis: azi.md
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

EBRD set to take minority stake in Promsvyazbank

EBRD to pay 4.6 billion roubles for 11.75 percent stake. more »

Spanish Move to Alytus

On 24 November in London a letter of intent will be signed between Alytus Municipality and the Spanish aluminium company “Sopena group” regarding investments of the “Sopena group” in Alytus. more »

Lithuania invites China to benefit from tourism opportunities

Tourism opportunities in Dzūkija Region of Lithuania and other issues of incoming tourism promotion were the main topics of the meeting of the Mixed Intergovernmental Commission on Trade and Economic Cooperation between the People’s Republic of China and the Republic of Lithuania. more »

Belarus, Ukaine and Lithuania will be the first states to present trilateral Eastern Partnership projects

On 22-23 November in Kiyv, foreign ministers of Lithuania, Ukraine and Belarus discuss trilateral cooperation and participation of Belarus and Ukraine in the Eastern Partnership of the European Union. more »

Boosting energy savings in Bulgaria

The Kozloduy International Decommissioning Support Fund is supporting an innovative programme to boost energy savings and efficiency of public buildings in Bulgaria with a €5 million grant. more »

A return to robust economic growth not expected for at least another two years, immediate reforms a top priority- DnB NORD Economic Research Group

Bank DnB NORD’s Economic Research Group predicts that out of the six Baltic Rim countries, moderate economic growth will be seen in Poland, Finland and, possibly Estonia in 2010, while Denmark, Lithuania and Latvia will need more time to climb out of recession. more »

European Commission and IMF welcome reaffirmed commitments of the largest foreign banks in Hungary

In a meeting in Brussels of the European Bank Coordination Initiative held on 19 November 2009, the parent banks of the six largest foreign banks active in Hungary reaffirmed their commitments made in May 2009 to support their subsidiaries. more »

AB Bank SNORAS will be represented in the United Kingdom by the representative office in London

On 17 November 2009, the Board of AB Bank SNORAS decided to establish the bank’s representative office in London. more »

Commission approves €103 million capital injections for 'Mortgage and Land Bank of Latvia'

The European Commission has approved, under EC Treaty state aid rules, two capital injections in favour of 'The Mortgage and Land Bank of Latvia' (LHZB). more »

Ghana to sign first voluntary partnership agreement with EU on legal timber exports

The government of G hana will tomorrow sign an historic agreement with the EU aimed at ensuring that only legally harvested timber from the West African country is exported to the EU market. more »