Azerbaijan’s State Oil Fund will cut the share of euros in its holdings in favor of the Australian dollar, Russian ruble and Turkish lira, while planning to increase investments in real estate to diversify its assets.
BP Plc is in talks with Azerbaijan to extend a 30-year contract to operate the country’s largest oil deposit after the company worked to appease criticism over falling output at the project by bringing in new managers.
Georgia’s billionaire Premier Bidzina Ivanishvili named a 31-year-old minister as his chosen successor, reinforcing opposition claims that the tycoon would continue running the Black Sea nation from behind the scenes.
Kazakhstan’s state rail monopoly plans to invest $3 billion in assets from ships to airports to boost its share of freight from Asia to Europe as companies such as Apple Inc. and Ford Motor Co. produce goods in China.
The Iranian Oil Ministry plans to build a refinery near the Caspian Sea that will process crude from the Sardar Jangal field, the Tehran Times reported, citing Masoud Jahdi, the explorations director of Khazar Oil Co.