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OIL PARES GAINS AFTER FLYNN-RUSSIA PROBE

The Azeri Times

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Oil pared gains on Friday with a decline in U.S. stock markets after an ABC News report added to concerns about President Donald Trump’s exposure to a probe into Russian meddling in last year’s campaign, APA reports quoting Reuters.
Wall Street’s main indexes all fell by more than 1 percent after the ABC report that former national security adviser Michael Flynn was prepared to tell investigators that prior to taking office, Trump directed him to make contact with Russians. [.N]
Flynn, a central figure in a federal investigation into Moscow’s alleged interference in the 2016 U.S. presidential election, pleaded guilty on Friday to lying to the FBI.
“Oil prices have pared earlier gains in tandem with losses seen in the equity market partly because news regarding Michael Flynn,” said Abhishek Kumar, Senior Energy Analyst at Interfax Energy’s Global Gas Analytics in London.
Brent futures were trading at $63.58 a barrel by 1:14 p.m. EST (1814 GMT). That put the new front month February contract up just one cent from where January expired on Thursday. The lower priced February future, was up about 1.5 percent from where it closed in the previous session.
U.S. West Texas Intermediate crude was up 75 cents, or 1.3 percent, at $58.15 per barrel. WTI’s January contract does not expire till Dec. 19.
Both benchmarks were on track to decline for the week, down about 1 percent.
Before the Flynn news, crude prices had been approaching their highest levels since the summer of 2015 after OPEC and other major producers agreed to continue reining in output until the end of 2018 to try to reduce the global oil glut and boost prices.

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Economics

Premium Gas prices hit two-year high in Azerbaijan

The Azeri Times

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In Azerbaijan, on the evening of August 19, petrol Premium Euro-95 and Super Euro-98 became more expensive. At petrol stations of the country on Sunday evening, petrol Premium Euro-95 was sold at 1.50 manat, and Super Euro-98 – at 1.60 manat.

Prior to the increase, the price of these brands was 1.25 and 1.5 manat, respectively.

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Economics

Trump protected Azerbaijani pipeline from US sanctions

The Azeri Times

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The Southern Gas Corridor has received a waiver from US sanctions against Iran’s energy customers, an expected win for the project designed to transport 10 Bcm a year of Caspian natural gas to Turkey and southern Europe while bypassing Russia, S&P Global Platts reports.

BP had been seeking a sanctions waiver for its development of Azerbaijan’s offshore Shah Deniz fields, the source of the Southern Gas Corridor’s natural gas. Iran’s NICO holds a 10% share in the second phase of Shah Deniz, potentially triggering US sanctions against Iran petroleum sector investment.

US energy sector sanctions being re-imposed November 4 will ban companies from the US financial system if they continue to do business with Iran. Countries that depend on Iranian oil imports are continuing to press the US government for waivers.

Trump’s order contained a “natural gas project exception” that describes the Southern Gas Corridor without naming it. The order referenced the Iran Threat Reduction and Syria Human Rights Act of 2012, a US law that describes an exemption for “the development of natural gas and the construction and operation of a pipeline to transport natural gas from Azerbaijan to Turkey and Europe.” The law says the corridor “provides to Turkey and countries in Europe energy security and energy independence” from Russia.

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Economics

Rankings of the Banks in Azerbaijan Q2 2018

The Azeri Times

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AzeriTimes.com prepared Rankings of commercial banks operating in Azerbaijan on the basis of financial indicators for the second quarter of 2018. Rankings are prepared using financial reports posted on Internet sites (balance sheet, profit / loss).

Commercial bank Assets (million AZN)

1 – International Bank of Azerbaijan 7.615.553

2 – Pasha Bank 3.901.761

3 – Capital Bank 3.573.419

4 – Xalg Bank 1.977.525

5 – Azerbaijan Senaye Bank 1.019.677

6 – Bank Respublika 858.777

7 – Access Bank 827.863

8 – Rabita Bank 712.492

9 – Uni Bank 621.245

10 – Ata Bank 603.177

11 – Bank Silk Way 599.178

12 – AFB Bank 522.782

13 – Turan Bank 492.741

14 – AG Bank 487.791

15 – Mugan Bank 486.363

16 – Nikoil Bank 446.473

17 – Express Bank 440.153

18 – Yapi Kredi Bank Azerbaijan 406.825

19 – Azer-Turk Bank 313.744

20 – Bank of Baku 299.459

21 – Bank BTB 299.449

22 – NBC Bank 240.016

23 – Ziraat Bank Azerbaijan 229.868

24 – Amrah Bank 196.217

25 – Nakhchivan Bank 191.813

26 – Gunay Bank 181.696

27 – Bank Avrasiya 169.444

28 – Bank VTB Azerbaijan 125.207

29 – Bank Melli Iran – Baku 108.132

30 – National Bank of Pakistan – Baku 10.717

 

Commercial bank Cash (million AZN)

1 – Capital Bank 425.827

2 – Access Bank 73.342

3 – Khalg Bank 58.473

4 – AFB Bank 55.007

5 – Bank Respublika 46.217

6 – Yapi Kredi Bank Azerbaijan 35.825

7 – Uni Bank 33.993

8 – Bank Silk Way 28.692

9 – Gunay Bank 19.684

10 – Turan Bank 19.190

11 – Nakhchivan Bank 16.276

12 – AG Bank 15.812

13 – Mugan Bank 14.635

14 – Bank BTB 13.356

15 – Azerbaijan Senaye Bank 12.673

16 – Amrah Bank 11.961

17 – Ata Bank 11.639

18 – Nikoil Bank 10.915

19 – Bank Avrasiya 10.819

20 – Bank VTB Azerbaijan 7.058

21 – Ziraat Bank Azerbaijan 5.238

22 – NBC Bank 5.178

23 – National Bank of Pakistan – Baku 0.360

24 – International Bank of AzerbaijanNo report

25 – Azer-Turk BankNo report

26 – Bank of BakuNo report

27 – Express BankNo report

28 – Bank Melli Iran – BakuNo report

29 – Pasha BankNo report

30 – Rabita BankNo report

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