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
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.
The most popular articles
On 31 August 2009 in a non-public way AB Bank SNORAS issued the emission of perpetual debt securities included into the bank capital amounting to LTL 72.5 million.
more »
The European Commission, through its longstanding cooperation with the US and Canada, announces the launch of 33 new and innovative projects involving universities and training institutions on both sides of the Atlantic.
more »
Today at the VII World Congress on Alternatives and Animal Use in the Life Sciences in Rome, the European Commission and the European cosmetic industry presented their joint financial effort for research into alternative safety testing methods.
more »
SEB Bank, the largest bank in Lithuania, invests almost LTL 4.6 million in to the upgrade of its data transmission network.
more »
The World Bank’s Board of Executive Directors today approved a credit of US$ 36.6 million equivalent of additional financing for the Lifeline Road Improvement Project for Armenia.
more »
The Executive Board of the International Monetary Fund (IMF) today completed the first review of Latvia's performance under an economic program supported by a 27-month Stand-By Arrangement.
more »
The Commission has today decided to close the formal investigation procedure into the privatisation and restructuring of Austrian Airlines concluding that the restructuring following its sale to Lufthansa is compatible with community law.
more »
Ben Bernanke's reappointment as head of the Federal Reserve did not come as a surprise, but Wall Street still responded with the proverbial thumbs up.
more »
Over I half-year 2009 accommodation establishments had by 22 per cent less guests.
more »
In the first such transaction in Russia, carbon credits generated by utilising gas which would otherwise be flared at an oilfield in eastern Siberia are to be purchased through a carbon fund set up by the EBRD and the European Investment Bank (EIB), the Multilateral Carbon Credit Fund (MCCF).
more »