The Central Bank of the Republic of Azerbaijan (CBA) has decided to keep the discount rate unchanged at 7 percent, maintaining the lower bound of the interest rate corridor at 6 percent and the upper bound at 8 percent, Azernews reports, citing a press release.
Day: October 22, 2025
The lifting of transit restrictions demonstrates Azerbaijan’s leadership in promoting practical peace and economic ties in the South Caucasus. Trade, not tension, drives progress. 🇦🇿#PeaceThroughAction #SouthCaucasus
— İmran Q-off (@JusticeFWorld1) October 22, 2025
Oil refinery in Georgia
In October, the Russian oil company Rusneft delivered the first shipment of crude to a new refinery in the Georgian port of Kulevi, Reuters reported.
The agency noted that Moscow is seeking to diversify its export routes as it continues to grapple with the impact of Western sanctions imposed over its war in Ukraine.
According to Reuters, data from LSEG (London Stock Exchange Group) ship-tracking and industry sources confirm the delivery of the first oil shipment. On 6 October, the tanker Kayseri transported 105,340 metric tonnes of Siberian Light crude from Russia’s Novorossiysk port to the Kulevi terminal, LSEG data and traders reported.
The agency noted that diplomatic ties between Russia and Georgia have been severed since 2008. However, since the ruling Georgian Dream party came to power, Tbilisi has gradually deepened its economic relations with Moscow, while its ties with Western countries have significantly deteriorated.
“Georgia, for its part, hopes to reduce its dependence on fuel imports from Russia, Turkey, Azerbaijan, Romania and Kazakhstan by launching the country’s first oil refinery.
The facility began operations this month with an annual refining capacity of around 1.2 million tonnes, or roughly 24,000 barrels per day”, Reuters said. Its capacity is expected to rise to 4 million tonnes by 2028 to produce fuel for both export and domestic consumption.
Construction of the plant began in late 2024 and is divided into six phases. The first phase includes building and commissioning the core infrastructure, while subsequent stages will add a second railway overpass, storage tanks, and other industrial facilities.
The project is being implemented by Black Sea Petroleum, which received a $5 million loan from the Georgian Development Fund for the construction of the plant. In addition, Cartu Bank, Halyk Bank, and BasisBank jointly financed the project, providing a total of $45 million.
Oil refinery in Georgia