Azerbaijan and Turkey yesterday signed an inter-governmental agreement in Istanbul on construction of Trans Anatolian Pipeline (TANAP). Turkey's Prime Minister Recep Tayyip Erdogan and the President of Azerbaijan Ilham Aliyev participated in the signing ceremony. The new pipeline will carry up to 16 billion cubic meters gas a year from Azerbaijan's Shah Deniz gas field through Turkey as far as its European borders. The project is in direct competition with the multinational Nabucco pipeline project sponsored by a consortium that includes OMV and RWE and is baked by the European Commission, Russian Nezavisimaya Gazeta writes. The founders of the new consortium are Azerbaijani State Oil Company with 80 percent shares, Turkish Botas oil state gas company and Turkiye Petrolleri Oil Company with 20 percent shares. In future other international oil-gas companies also may join the consortium. "We are going to solve all the issues connected with the project and without losing time pass to the construction works so that the new pipeline be ready by 2017," Rovnag Abdulayev, chairman of the Azerbaijani state oil company said. 2000 kilometers long new pipeline starts from Azerbaijan and stretches to either Greece or Bulgarian border through Turkey's territory. The first phase of the gas pipeline construction is said to cost US$ 7-8 billion.

As reported hurriyetdailynews, Turkey's Parliament has approved a law that eases restrictions on the sale of land and real estate to foreign citizens and firms despite harsh objections from opposition parties. The bill, approved late May 3, most notably removes the condition of reciprocity and increases the total amount of real property that a foreigner can own from 25,000 square meters to 300,000 square meters in all of Turkey. "Countries that allow foreign [real estate] purchases without requiring reciprocity are the world's strongest countries in terms of economy and democracy," Environment and Urban Affairs Minister Erdo?an Bayraktar said during the debate in Parliament. The reciprocity principle means a foreign citizen or firm is allowed to obtain property only if a Turkish citizen or firm can do the same in that person's country of origin. Foreign nationals, legal entities, and local firms that are at least 50 percent owned by international enterprises will have the right to own real estate and limited real property rights in Turkey, according to the approved law. Under the new law, which needs presidential approval to take effect, the amount of property owned by foreigners in a given district cannot exceed 10 percent of the privcately owned real estate there. The total area of the property that a foreigner can own in the country is limited to 300,000 square meters, but the Cabinet is authorized to double that amount. Citizens of countries the Cabinet determines to be eligible will be able to acquire property in Turkey. The new law abolishes the requirement of approval from the Foreign Ministry for property sales to foreigners. The Cabinet is authorized to limit, prohibit or determine the places in which foreign individuals or companies from certain countries may acquire land and real rights in terms of amount, area, type, quality, ratio, period, or geographical region. Under the current law, foreigners can only possess residence and business sites. Commercial companies established in foreign countries will only be able to obtain real estate and limited rights under the scope of a special code, the law says. The purchase of property by foreign firms in military zones or special security areas would be subject to the permission of the General Staff and provincial governors, respectively. Foreign buyers of land would be required to present within two years the project for which the plot would be used. Once the relevant ministry approves the project, the local authorities would monitor whether it is completed in time. The main opposition Republican People's Party (CHP) has argued that some provisions in the bill are unconstitutional and signaled it may ask the Constitutional Court to scrap the legislation.

On April 21 billionaire Donald Trump will visit Georgia, told Silk Road Group representative during his interview to News-eorgia. The purpose of the visit is a presentation of Trump's Batumi new project. As we reported earlier, on March10th last year, during the visit of Georgian President Mikheil Saakashvili to New York, the Trump Organization and the Georgian company Silk Road Group signed a protocol of intent to develop two Trump managed skyscrapers in Georgia, one in Batumi and another in Tbilisi. The start of construction is scheduled in 2013 and would be overseen by the Silk Road Group, one of the largest private investment companies in the region and the Trump Organization partner for the project. The deal, which the partners estimate about US$ 250-300 million, calls for two projects. The Trump Tower in Batumi would be a part of a planned by Silk Road complex that includes a casino, an exhibition hall and a marina. The residential buildings will each contain 100 apartments and rise nearly 40 stories - average by New York standards, but nearly twice the size of the republic's tallest structures.

According to National Security Council's press center, during his visit to Netherlands, Chairman of the Trustee Council of the National Social Housing Association, Secretary of the RA National Security Council Arthur Baghdasaryan met with dutch social housing funds and organizations representatives. During this visit Arthur Baghdasaryan and Chairman of Dutch International Guarantees For Housing Eric Berzhen signed an agreement which will provide new opportunities for social housing development in Armenia. According to this contract, 3 million euro will be provided to Armenia to solve low and middle income families housing problems, at the first phase of cooperation. Construction of first social houses will begin this autumn. For the first phase of social affordable housing program were selected towns Dilijan, Ashtarak, Aparan, Razdan and Vedi, where it is planned to built 1000 houses during 3 years. To implement the project Arthur Baghdasaryan also met with the head of Green West company, which will be the guarantor of the project, and with the head of construction group Norhust discussed issues about modern construction technologies to make social housing more affordable.

As reported by Newsgeorgia.ru, Georgia's exports of goods to Azerbaijan for January-August 2010/2009 increased by 29,5%, amounting about $ 155million. An increase has made $ 35.3 million. From the same source can be seen what this significant increase is reasoned by. For example, car reexport from Georgia to Azerbaijan almost doubled (from $ 39.3 million to $ 69,2 million) and an import of steel rebar has sharply increased by $ 13.2 million, (from $ 1 million to $ 14,2 million). Such a large increase in import of steel rebar from Georgia is likely due to regular production suspensions of the largest steel manufacturer in Azerbaijan, Baku Steel Company (with a rather low quality of metal), as well as the opening of Geosteel steel mill in Georgia in 2009. Georgian-Indian Geosteel also maintains an active policy of selling its products in Armenia with the help of intermediate Armenian company Mikmetal. Baku Steel Company was founded in 1998 and started operating in 2001. The main raw material of the plant is scrap metal, purchased from the local market, and, according to Honored Builder of Azerbaijan Emil Akhundov, this causes low quality of product. Since August 2009 the company changed ownership type and became an offshore "Baku Steel Company Limited" company with registration in the Isle of Man with new leader, a citizen of Germany, Axel Borowski, who was replaced by Suleiman Akhmedov in July 2010. Reference: The Isle of Man is a dependent territory of Great Britain with a high degree of autonomy. The island is located in the Irish Sea, not a member of EU and has its own tax legislation. On the basis of survey of visitors of Trip Advisor authoritative portal, Men island took the honorary eighth place in the world for its attractiveness!