During two years LUKoil extracted 2.2 million tons of oil on the Yurii Korchagin field on the Caspian shelf. Alexander Khodayev, Deputy General Director for Public Relations of LUKoil-Nizhnevolzhskneft company, told ITAR-TACC today that the volume of production on this field constantly grows.
“The company continues increasing production, drills new wells and continues drilling. At present it extracts about 4,000 tons of oil and this is not the limit,” Khodayev added.
He said that development of the second field in the Caspian Sea – Vladimir Filanovsky – is at its active stage. It is considered among the biggest on the north of the Caspian Sea. The oil production here will reach 6 million tons a year. The field is planned to be put into operation in 2015-2016.
“The foundation of sleet proof platform, residential module and the riser bloc has been already installed on the field. The fourth foundation of the central platform will be launched soon. The upper facilities will be installed on the platform in 2014,” Khodayev added. LUKoil has 8 fields on the north of the Caspian Sea.—0--
Economics
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But Putin Says It's "Virtually Impossible" Due to Zelensky's Position Slovak Prime Minister Robert Fico visited Moscow on Sunday to discuss energy issues, becoming the third EU country leader to hold talks with Vladimir Putin since Russia's 2022 invasion of Ukraine. Prior visits include Austrian Chancellor Karl Nehammer in April 2022 and Hungarian Prime Minister Viktor Orbán in July 2024. Slovakia is also a NATO member.
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Environmental, Social, and Corporate Governance (ESG) principles have emerged as a transformative force in modern business practices, reshaping priorities across industries. This was a key theme highlighted by Orkhan Mammadov, Chairman of the Management Board of the Small and Medium Business Development Agency (KOBIA), at the conference "Labor Relations, Occupational Safety, and Human Resources as Key ESG Approaches," held on Monday in Baku.
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A detailed review of legislative norms and e-government services across various business environment domains has been prepared and published by the working group of the Business Environment and International Ratings Commission, focusing on electricity network connections.
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The draft law "On Amendments to the Tax Code," adopted in its third reading, provides for tax exemptions on the sale of locally manufactured buses in Azerbaijan and the supply of spare parts for these vehicles. This was reported by the Tax Service under the Ministry of Economy, explaining that the government's initiative aims to support business development in the country by reducing the tax burden. The exemption will come into effect on January 1, 2025, and will remain valid for eight years.
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