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Authorities pressing to cancel first Azerbaijan GP

  • Published on 21 Jan 2016 11:01
  • comments 2
  • By: Rob Veenstra

Azerbaijan's inaugural grand prix should be in doubt, according to an economist. The first F1 race on the historic streets of Baku is scheduled for June, but Azerbaijan's economy is currently being battered by the collapsing price of oil.

"Azerbaijan is an oil country," Ali Hasanov, a presidential advisor, told the state news agency Azertac. "The prices on oil and oil products have reduced threefold since early 2015. This means that Azerbaijan's revenues reduced threefold," he explained.

In the first 21 days of 2016, prices have plunged a further 25 per cent -- a figure not seen since the global financial crisis. In the same period, the Azerbaijan currency has lost 30 per cent of its value, with some predicting that the central bank's reserves will run out within 3 months.

So according to Brazil's UOL, some Azerbaijani authorities are pressing for the cancellation of the grand prix. "They have to cut the state budget," said economist Natig Jafarly, "as it is currently based on the price of a barrel at 50 dollars."

Currently, the price stands at less than $27 per barrel. Jafarly added: "The best way to save money at the moment is to cancel the grand prix and the (2017) Islamic Games." (GMM)

Replies (2)

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  • Nick13578

    Posts: 11

    Bernie won't like this and will probably try to milk them dry..

    • + 0
    • Jan 21 2016 - 18:04
  • khasmir

    Posts: 893

    A lot of the money needed for the GP is most likely already spend or committed in contracts. If you cancel the contracts you pay anyway and get nothing in return, or be it a big legal bill.

    • + 0
    • Jan 21 2016 - 18:22

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Formula 1 Calendar - 2021

Date
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26 - Mar 28
16 - Apr 18
7 - May 9
21 - May 23
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4 - Jun 6
Azerbaijan Baku City Circuit
11 - Jun 13
25 - Jun 27
France Paul Ricard
2 - Jul 4
Austria Red Bull Ring
16 - Jul 18
United Kingdom Silverstone
30 - Aug 1
Hungary Hungaroring
27 - Aug 29
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Netherlands Circuit Zandvoort
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