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
The European Commission approved an application from Spain for assistance from the EU Globalisation Adjustment Fund (EGF).
more »
The European Commission today reiterated the potential of existing EU-rules on mediation in cross-border legal disputes, reminding Member States that these measures can only be effective if put in place by Member States at national level.
more »
Exports of animals and animal products from the European Union to Russia are expected to receive a boost after five new certificates for exports between the EU and the Russian Federation entered into force on August 15.
more »
World Bank Group President Robert B. Zoellick visited Moldova on August 11-12 at the invitation of Prime Minister Vlad Filat.
more »
These are the financial results of the banking activities of the Danske Bank Group in Lithuania (Danske Bankas and Danske Lizingas UAB).
more »
The European Investment Bank (EIB) today signed its first loan agreement with Armenia.
more »
Given the worsening food crisis in the Sahel, the Commission today agreed to disburse €14.9 million for food security in Niger, the worst affected country in the area.
more »
The European Commission has cleared under the EU Merger Regulation the proposed restructuring of Arnotts' debts in return for a transfer of control to Anglo Irish Bank and Royal Bank of Scotland (RBS).
more »
The European Commission today approved a new financial support package of €135 million for Morocco.
more »
The European Commission is allocating an extra €10 million in humanitarian aid for Liberia.
more »