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JUNE, 2002
City of London Set to Attract Azeri Oil Fund Assets to
London - Azeri agency
Text of report by Azerbaijani news agency Bilik Dunyasi
Baku, 14 June: British entrepreneurs and bankers are interested
in Azerbaijan, City of London Mayor Alderman Michael Oliver
told a round table attended by Azerbaijani ministers and ministry
representatives today. The fact that experts of a number of
big financial groups from the City of London and owners of
enterprises have come to Azerbaijan with Oliver also testifies
to this.
The mayor said that one of the forms of business cooperation
might be the creation of British-Azerbaijani joint ventures.
He pointed out that assistance from City businesses in setting
up huge state and private
foundations and especially in organizing an institute for
managing funds could play an important role in developing
Azerbaijan's financial system, for example, in managing the
Azerbaijani pension fund.
Support and advice from City businesses will promote the
effective use of the fund's money. In this connection, it
is worth noting that during the visit negotiations were held
with Samir Sarifov, executive director of the State Oil Fund
of the Azerbaijani Republic [SOFAR].
Nick Davidson, a representative of the Asset Management organization,
which manages assets in developed and developing share and
bond markets on behalf of institutional and private clients
throughout the world, said that negotiations with the Oil
Fund took up most of the time during this business visit to
Azerbaijan. Issues linked with managing Oil Fund assets were
thrashed out during the negotiations. In this connection,
we can assume that the City of London is seriously intending
to attract SOFAR assets to London's financial centre.
Sarifov's recent remarks that work was currently under way
to transfer Oil Fund assets from dollars to pounds or euros
make such a scenario appear even more likely. We can assume
that London's bankers, who dislike the euro, are trying to
apply a certain amount of pressure so that the government
decides in favour of the pound sterling.
Source: Bilik Dunyasi news agency, Baku, in Russian 1100
gmt 14 Jun 02
BBC
State Oil Fund of Azerbaijani Republic to Finance Construction
of Oil Pipeline
Text of report by Azerbaijani news agency Media-Press
Baku, 14 June: "The project for the construction of
the Baku-Tbilisi-Ceyhan main oil export pipeline is a commercial
project and like any other commercial projects there are definitely
some risks which cannot be dismissed by anyone. Naturally,
we hope that this project will guarantee good return and high
reimbursement," the executive director of the State Oil
Fund of the Azerbaijani Republic, Samir Sarifov, has told
Media-Press news agency.
Samir Sarifov has again said that the Azerbaijani State Oil
Fund is planning to finance a part of SOCAR's expenditure
for the construction of the Baku-Tbilisi-Ceyhan main oil export
pipeline.
He added that he was recently in London where he discussed
the construction of the main export oil pipeline and the financing
issues of the project with sponsors.
Source: Media-Press news agency, Baku, in Russian 1300 gmt
14 Jun 02
BBC
EBRD Says It Will Co-Finance Export Pipeline For Azerbaijani
Oil
(RFE/RL June 5) Thomas Moser, who heads the European Bank
for Reconstruction and Development's Baku office, announced
on 31 May that the bank will provide $300 million, or just
over 10 percent of the estimated total costs, toward construction
of the Baku-Tbilisi-Ceyhan oil pipeline, Caucasus Press and
Caspian News Agency reported on 3 June. He said the bank will
provide half that sum in cash and half in bank syndicate deposits.
Negotiations with potential lenders are proceeding without
problems and the bank should raise the funds by the end of
this year, Moser added. The British Petroleum-led consortium
created to implement the project plans to hold the official
ceremony marking the beginning of construction on 19 June,
Caucasus Press quoted Turkish Energy Minister Zeki Cakan as
saying on 3 June. It is hoped that the pipeline will be completed
in 2005.
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