 Azerbaijan's capital, Baku, announced its plans to bid for the Olympics, with initial studies suggesting that the cost of hosting the 2016 Summer Olympics may be $20 billion.In July 2007, Chingiz Huseynzade, chairman of Azerbaijan's National Olympic Committee, told a press conference that a group of economists was working on this issue.Baku is Azerbaijan's oil-rich capital city, on the shores of the Caspian Sea.