Bulgartransgaz & SOCAR will conduct joint exploration activities for the expansion of the Bulgarian underground gas storage
Bulgaria and Azerbaijan have signed two gas cooperation agreements, according to a media statement of the Ministry of Economy and Energy.
Under a memorandum between Bulgarian gas transmission operator Bulgartransgaz and the State Oil Company of the Azerbaijan Republic (SOCAR), the two companies will conduct joint exploration activities for the expansion of the Bulgarian underground gas storage near Chiren.
The other document is a Letter of Intent which envisages talks between SOCAR and state-owned gas supplier Bulgargaz on gas deliveries to Bulgaria via the Greece-Bulgaria gas grid interconnection as of 2017.
The two documents were signed during the visit of Bulgarian President Rosen Plevneliev to Baku, where he attended the groundbreaking ceremony for the southern Gas Corridor, reported Sofia News Agency.—12D--
-
- Want to say
- 22 September 2014 18:45
-
- Politics
- 22 September 2014 19:33
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review