Yesterday Shah-Deniz consortium signed the contracts with Shell, Bulgar gas, DEPA, Gas Natural Fenosa, EON, Gaz de France, Hera, Enel and Axpo to deliver 10 billion cub.m. of gas since 2019. The contract was signed for 25 years beginning since 2019. This means that the term of the contracts signed with the European gas importers expires in 2044. However, the term of the Shah-Deniz field development expires in 2036.
Does this mean that the term of the Shah-Deniz contract will be extended one more time. Rovnag Abdullayev, SOCAR President, said at a press conference that last year Azerbaijan and foreign partners of the Shah-Deniz project have agreed to extend the Shah-Deniz project by 5 years till 2036. "We cannot say right now if the contract will be extended again. However, if this does not happen, then after 2036 SOCAR will take upon itself all commitments on the gas contracts.
The contract for development of the Shah-Deniz offshore field was signed on June 4, 196 for the period of 25 years after extraction of first gas. The first gas was extracted in November 2006. The Shah-Deniz partners are BP (operator) - 25.5%, Statoil - 25.5%, NICO - 10%, Total - 10%, LUKoil - 10%, TPAO - 9% and SOCAR - 10%.-0-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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